Solana price has been on an upside correction for the previous few days, leaping greater than 4% up to now week. On the time of writing, the altcoin was buying and selling 3.40% increased at $23.10. Solana’s market cap has jumped 4.15% to $9 billion during the last day, whereas the full quantity of SOL traded dipped 36%. Solana at present ranks as the tenth most valued cryptocurrency after Polygon and forward of Polkadot.
Solana worth has been transferring increased for the previous few days regardless of the minor pullback within the crypto market on Friday that noticed crypto heavyweights Bitcoin and Ethereum slip. Most altcoins have a tendency to maneuver in tandem with the belongings’ efficiency. Nonetheless, Solana was within the inexperienced on Friday, constructing on Thursday’s beneficial properties.
The SOL token has greater than doubled this yr, outperforming Bitcoin and Ethereum, because the Solana Blockchain tries to maneuver previous its affiliation with Sam Bankman-Fried’s FTX platform. Solana worth has jumped 132.50% within the yr thus far, surpassing Bitcoin’s 76% in addition to beneficial properties in main altcoins.
The collapse of FTX which was among the many largest crypto exchanges, noticed the SOL token lose greater than 90% of its worth. The altcoin has been affected by the FTX overhung and has solely began regaining curiosity in January following the launch of BONK on the community. The SOL worth has erased most of its losses from the collapse of FTX, leaping 170% from its lowest level in December.
In keeping with analysis agency Messari, Solana’s restoration has been helped by its NFT ecosystem progress and a report the place builders raised greater than $600 million in seed funding over the previous two years. Notably, the latest banking fiasco, in addition to recession fears, have pumped liquidity within the crypto market, pushing crypto costs increased.
Even so, buyers are questioning Solana’s long-term prospects. Regardless of the latest surge in SOL’s worth to the present $23 per token, the altcoin is but to achieve $260, achieved in 2021 amid the covid-19 pandemic period.
Solana worth has been on an uptrend because the begin of the yr, wiping almost 50% of its losses from the FTX fall. On the each day chart, the SOL worth has moved above the 50-day and 100-day exponential transferring averages (EMAs), in addition to the 50-day and 100-day transferring averages. Its Relative Power Index (RSI) has ticked increased into the impartial zone.
I count on the Solana worth to proceed its uptrend so long as it continues transferring above the trendline highlighted in yellow. The subsequent resistance goal for the Solana worth can be $26. On the flip facet, a flip under the trendline may pull SOL decrease to seek out help at $18.90 invalidating the bullish thesis.