Solana Glints With 14% 3-Day Rally – Will SOL Keep On Beaming?
08 Julio 2022 - 06:50AM
NEWSBTC
Over the past 24-four hours, Solana (SOL) maintained a strong
position above the $35.00 support level and displayed a reversal
pattern indicating a rebound. As of this writing, SOL is trading at
$36.86, up 13% in the last seven days, data from Coingecko show.
SOL currently has a trading volume of $1,177,991,581, down 24% in
the last 24 hours. The support zone for SOL is between $20 and $30.
SOL was in a sideways market for 24 days after it plummeted to the
support zone, and ultimately the cryptocurrency began to make a
modest reversal. Solana 3-Day Ascent: Bulls Take Charge The price
of Solana has began a commendable reversal after a disastrous
decline in recent weeks. Since the upper low at $31 was written on
the final day of June, the bulls have constructed a 14 percent
three-day rally starting July 5. A golden cross of the 8- and
21-day simple moving averages (SMAs) provided the Bulls with a
valid entry signal on July 6. At $35, there was a brief liquidity
hunt to shake out weak positions. Suggested Reading | Bitcoin
Drills Into $22,000 Level – But Not All BTC Investors Are
Jubilating Traders are currently observing “FOMO” traders who set
their original trade’s invalidation level below the SMAs enter the
market. On the daily price chart, the price of Solana is attempting
to hold near the ascending trendline. Immediately after departing
the ascending curve, SOL has been consolidating within the
horizontal range-bound area. However, the cryptocurrency can return
to the ascending curve by registering an exit from the
consolidation period. In this unfavorable climate, the token must
also continue its rising momentum in order to rise. As a result,
volume indicates that the coin is experiencing short-selling
pressure and sellers are attempting to trap the token within the
horizontal range-bound area. SOL total market cap at $12.7 billion
on the daily chart | Source: TradingView.com SOL Poised To
Outperform ETH In NFT Markets DappRadar, a platform that provides
information and insights on all existing decentralized applications
(DApps), has indicated that, because of its its cheap gas prices
and entry restrictions, SOL might potentially surpass Ethereum
(ETH) as the main blockchain in the NFT markets. Despite a fall in
the trading volume of other blockchains, notably ETH, DappRadar
pointed out that the trading volume of SOL has been
increasing. Suggested Reading | Ethereum (ETH) Shifts To High
Gear – Crosshair Locked At $1,250? In its most recent analysis,
DappRadar finds that Solana is performing exceptionally well in the
NFT market despite the crypto market’s precipitous decline. In
terms of sales volume, Solana also beat other blockchains,
according to the research. Solana and Avalanche emerged as the
clear winners with a 21 percent and 15 percent rise in trading
volume, respectively, according to DappRadar. Featured image from
Analytics Insight, chart from TradingView.com
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