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Solana (SOL) has recovered from yesterday’s small setback, although the overall crypto market capitalization fell today. SOL has been bullish for weeks – in the last week alone, the coin has risen 28.44%. This increase may be due to a combination of economic factors and Solana’s growing adoption among crypto users.
What drives the price of Solana?
The Solana network is enjoying more attention due to increased cryptocurrency awareness and adoption among retail and institutional investors. The network has revealed plans for 2023, creating excitement in its online community.
The SOL network gives developers access and a framework to develop DApps on their blockchain. For example, Phantom, a popular crypto wallet, is hosted on the Solana blockchain. The wallet supports decentralized finance, stake and NFT transactions for Solana users.
Besides, “Solana mobileannounced his intention on Twitter Solana mobile stack and start Saga phones. The mobile phone aims to bring the Solana blockchain to users. Many are excited about the launch of the device, which is scheduled for early this year.
Additionally, Solana as an altcoin correlates with the Bitcoin price. So Bitcoin’s recent rise and other economic factors may also affect the price of SOL.
Macroeconomic factors affecting the SOL price include a low reading of the Consumer Price Index (CPI) for December 2022. The CPI shows the overall change in consumer prices over a given period. Together, these factors may account for SOL’s price increase over the past few weeks.
Solana Price Prediction: Can SOL Break Resistance?
SOL is recovering from yesterday’s small setback and is trading at $21.28. The support levels are $19.60, $20.09 and $20.75, while the resistance levels are $21.90, $22.40 and $23.05. On the weekly chart, SOL is trading below its 50-day SMA and 200-day SMA. These signs indicate a bearish trend or a small reversal in the price of SOL.
The Relative Strength Index (RSI) is close to oversold territory at 43.04 and could fall further if the bears continue their attack.
MACD (Moving Average Convergence/Divergence) is below its signal line and shows negative values. This indicates a bearish reversal despite the price increase.
SOL price may fall further and touch the support at $19.69. The next rally is likely to clear the initial resistance at $21.90 in the coming days.
At the moment (editorial deadline), the price of SOL is quoted at $21.42. Trading volume has fallen over 50% in the last 24 hours and now stands at $638.8 million. Given the price action, it may seem tempting to buy Solana. But according to forecasts, there are coins with a better risk-reward ratio, such as the new cryptocurrency Fight Out Coin (FGHT, now in presale). Find out more here:
Text credit: Newsbtc
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