Solana (SOL) Records 18% Gains In The Last Week, What’s Next?
Some cryptocurrency prices Today, February 21, they are green. Bitcoin, the main cryptocurrency, Ethereum and several other assets have increased their past prices. However, many cryptocurrencies are still “red”. total market capitalization of cryptocurrency decreases by 1%.
But many of these coins still retain some of their 7-day gains, maintaining their positions among the growth leaders. Among the gainers is Solana, up 18% over the past seven days. To date, Solana has fallen nearly 4% in 24 hours. trading at $25.19today the trading volume has decreased by more than 40.49%.
SOL prices will rise as it maintains much of its weekly rise or fall in line with cryptocurrency price trends. The development trends and price analysis below hint at what could happen with SOL.
Solana Ecosystem Trends, Can They Be Responsible for SOL’s Price Actions?
SOL has seen impressive price increases since early 2023. After starting the year at $9.96 on January 1, Solana (SOL) surged above $16 on January 10 and continued its uptrend. On January 14, the SOL price rose from $18 to $24, but recorded several pullbacks on January 29 after rising to $26.
The price of SOL rose and corrected from February 1st to February 20th.th, when he added 13% ($2) and rose to 26.47. However, today, Feb. 21, SOL fell to $25.26, down 4% from the Feb. 20 price.
With a price increase of 24% in 7 days, SOL is outperforming the global cryptocurrency market, which has grown by 10.7% in the last seven days. CoinGecko. SOL also outperforms the cryptocurrencies of similar Smart Contract platforms, which are up 14.20% over the past seven days.
As for Solana’s 7-day price action, it’s safe to say that it’s supported by events and ecosystem activity. One such trend is the upcoming Helium network. moving to Solana by March 27th. This merger of the two blockchain platforms will increase network activity on Solana and add more users to SOL.
Second, the increase in NFT sales is another development in the Solana ecosystem that could support the price of SOL. In accordance with data from CryptoslamSolana-based NFTs saw an increase in the number of buyers.
The report notes that the number of Solana NFT buyers increased by 14.64%. within 24 hours, surpassing Ethereum-based NFT buyers who recorded 13.22% increase over the same period. An increase in the number of NFT buyers in Solana, as reported Solana Legendmay be due to the lower NFT reset cost on Solana than on Ethereum.
In addition, the Solana network encourages developers to use the blockchain. Solana has even added some incentives for developers looking to grow their network through ongoing global hackathon. This may be one of the factors supporting the 7-day SOL price action.
Solana price forecast, what’s next for SOL?
Solana formed a red candle on the daily price chart. It has been in an uptrend since Feb 17 and is seeing a slight pullback today to build on last week’s gains.
Relative Strength Index (RSI) is currently at 58.93, which is in the neutral zone. This means that bulls and bears are in balance in the market. The indicator seems to be falling, which may signal a further fall in the price of the asset.
However, the SOL is trading above its 50-day Simple Moving Average (SMA), a short-term bullish signal. In addition, it has just broken above its 200-day SMA, indicating a long-term bullish tone. MACD SOL (Convergence/divergence of moving averages) just breaks above the signal line, bullish.
SOL support levels are at $21.94, $23.13, and $24.77, while resistance levels are at $27.60, $28.80, and $30.44. SOL is likely to build on $24.77 support in the short term before picking up momentum to break the $27.60 resistance.
Please note that cryptocurrencies are subject to price fluctuations and uncertainty. In addition, they may deviate from past price action or a particular trend. Therefore, trading cryptocurrencies requires proper risk analysis and technical skills.
Credit : www.newsbtc.com