Many crypto assets are in the red today, and the global crypto market cap has also decreased by 0.08% in the past day. Cryptocurrencies such as Bitcoin and Ethereum have already lost some of their past-day price gains. But amid the struggle to stay green, Solana is holding up a 10.97% gain in 24 hours. The coin is also recording an impressive gain of 29.4% in its 7-day trend.
Solana is also showing positive movements in market cap and trading volume. The market cap has gained 11.14% in the last 24 hours, while the highest gain for SOL is a 349.87% increase in trading volume. This growth indicates a massive surge of activities with the coin.
Today’s price for SOL stands at $26.20, and speculators wonder if it will hit $30 in the coming days.
Solana Price and Ecosystem Trend in Recent Times
SOL prices have shown an incredible uptrend since the beginning of the year. The coin opened at $9.96 on January 1 and rose to $13.34 on January 4. From January 4-9, SOL traded between $13 and $14, only to close at $16.20 on the 10th, starting another price uptrend.
Five days later, on January 14, SOL spiked from $18 to $24. It recorded rallies and pullbacks until January 29, when it reached $26. Afterward, another trend of rallies and pullbacks continued until today, February 20, when it gained $2 to stand at $26. 47. Also, the 24-hour trading volume shows a whopping 356.89% indicating increased activities.
Looking at the gain in price and trading volume, the recent activities in the ecosystem may be affecting them. For instance, the Helium network has announced March 27 as the day to migrate to Solana and deploy Oracles. This merge between Helium and Solana will increase activity level and usage for SOL, the native token of the host blockchain.
Another impressive trend in the Solana ecosystem is the rise in buyers for NFTs based on the network. According to Cryptoslam data, Solana-based NFTs buyers grew by 7.38% in 24 hours, above Ethereum-based NFTs buyers recording a 5.08% increase in the same range.
As per a Tweet by SolanaLegend, this is the era of NFTs in the Solana ecosystem. According to him, Solana is better than Ethereum regarding costs for dropping NFTs. To deploy smart contracts on Ethereum, developers pay $5,000+. But on Solana, the cost is $30, a huge difference.
A recent event that could be pushing SOL’s price and volume is the ongoing global hackathon. Developers are encouraged to register and build to earn $5 million in prizes and seed funding for their projects.
Solana Price Prediction, Will It Reach $30 Soon?
SOL is up by 11.78% in 24 hours, trading at $26.43 in the market today. Solana increased from $9.98 on January 1, 2023, to trade at $23.46 on February 18, 2023. It is trading above its 50-day and 200-day Simple Moving Average (SMA), confirming the current trend as bullish.
The Relative Strength Index (RSI) is 63.39, which is in the buy zone but not yet in the overbought region of 70. The Moving Average Convergence/Divergence (MACD) has moved above its signal line, confirming the price rally.
The support levels are $21.09, $22.19, and $23.73, while the resistance levels are $26.36, $27.46, and $28.99. Solana is expected to break the $27.46 resistance in the short term. The price may increase to $30 in the coming weeks if the bulls continue driving the price revival.
Note: Cryptocurrencies are highly volatile and can deviate from past price performance or predicted behavior. A proper understanding of technical analysis and price action is a vital strategy for risk management.