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Solana (SOL/USD) could maintain bullishness if this happens
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简介Solana token has added nearly 50% of value in a weekThe gains come amid the BONK token launchSOL has...
Solana token has added nearly 50% of value in a week
The gains come amid the BONK token launch
SOL has overcome a resistance and eyes higher level if it closes above key zone
For the first time since the crash orchestrated by the FTX, Solana (SOL/USD) has recovered above the 50-day moving average. That comes as the SOL pricehas risen by nearly 50% in the past week, outperforming other major cryptocurrencies at the top. SOL has also recovered above the $15 resistance, giving buyers hopes of a further upside. The fundamentals are good too.
Crypto analytics Token Termina shows that the daily active users on Solana continued to rise in January. Since the start of 2023, the number of active users has increased by 55.9% or 56,000 to 160,000. That suggests that users have not given up on the proclaimed Ethereum killer, which had a set of challenges last year. There are reasons for this rise in active users.
Bonk Inu, or simply BONK, continues to attract fans. Launched just a week and a half ago, BONKhas been a crypto sensation, with the dog-themed cryptocurrency rising by four digits in value. The token is based on the Solana network. On its Twitter page, Bonk regards itself as the “first Solana Dog Coin for the people and by the people.” The hype around this token’s launch has given Solana network airtime and attracted users.
Moving averages joint support for SOL
SOL/USD Chart by TradingView
Technically, Solana has crossed above a crucial resistance at $15. Bulls have failed to break above this key level since early November 2022. Also, the price has moved above the 20-day and 50-day moving averages for the first time since November. A RSI reading of 72 shows an intensified buying of SOL.
Likely price action for SOL
SOL is clearly overbought, as shown by the RSI reading of 72, and could correct downwards. However, we remain optimistic the upside will be maintained to the $18 level as momentum is strong. For the bullish surge to be maintained, SOL must overcome $18. That could set the cryptocurrency for longer-lasting rallies to the $28 zone.
Where to buy SOL
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Open AccountPlus500
Plus500 is a leading provider of Contracts for Difference (CFDs), delivering Leveraged trading on +2,000 financial instruments, including Forex, Commodities, Indices, Shares, Options and Cryptocurrencies. CySEC license number (#250/14)
Buy SOL with Plus500 today 82% of retail CFD accounts lose money.Tags:
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