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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Solana (SOL) Prints Over 16% Gains In The Last 24 Hours

Kent Tenix
Kent Tenix
2 years ago
3 mins read
Solana

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The general cryptocurrency slump left all assets clinging to the support levels to stay afloat. Solana (SOL) was one of the most affected by this movement, deviating from its all-time high of $260.06 to currently trading at $13.75.

The total circulating supply of SOL stands at $362,782,994. Also, the 24-hour low is $11.l7, while the high is $13.78. 

The current price reflects an increase in Solana’s price, currently ranked at number 14 on CoinMarketCap with a trading volume of $739,091,583, which is a 38.59% gain in 24 hours.

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Although Solana is currently down on rankings, it is still recording massive trading gains. 

What Is Giving Solana Price Support Despite The Current Trend?

Solana’s current price trend and increase in volume are supported by trader activity in the market. Despite recording a massive slump in the crypto winter, the project still enjoys massive adoption from investors.

Its fast transaction execution time has made it widely adopted by institutions and individuals alike. Experts predict that the price of Solana might rise in the coming months.

Also, the adoption of SOL for gaming and NFT makes it the ideal futuristic project for investors. SOL price is however not immune to the crypto winter currently taking place.

Solana has recently enjoyed strong adoption for NFT projects, with many notable gaming giants relying on the asset for their in-game purchases.

Solana is currently generating investors’ interest as investors look to consolidate on older and trusted tokens. With the collapse of FTX and its native token, FTT, Solana presents a viable investment option for users.

SOLUSD
Solana’s price is currently hovering around $13.75. | Source: SOLUSD price chart from TradingView.com

SOL Predicted To Go Bearish In Short-term

Source: Trading View

With a bearish breakout observed in the sideways channel, around the $30-$45 level, the price of SOL crashed below the critical support zone of $25-$30, reaching the $12.50 support level. The price bounced off this support level and seems to have begun a rally, currently trading at $13.75. 

The MacD is below the signal line, and it implies the possibility of a bullish run. The support zone of $12 is still valid, while the resistance zone stands between the $25-30 level.

The stochastic Oscillator shows Solana in the oversold region. However, the line is attempting to re-enter the channel.

Solana’s bearish sentiment was strengthened by the demise of its strongest support platform, FTX. Despite its brief 24-hour rally, SOL will likely continue on the bearish movement for the short term.

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Solana remains one of the most exciting cryptocurrency projects for investors and holds so much promise for the future. Although investors are panic selling or shorting, institutional investors are taking a long-term view of crypto tokens.

Solana will likely test the $25-$30 resistance zone before the end of 2022. Experts and investors are hoping for a more positive market outlook in the coming days.

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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