Click here to see the best crypto presale that could increase 10X this year!
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.
advertising
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:
Here for the FightOut Presale
Text credit: Newsbtc
Meta Masters Guild is the next big Play2Earn crypto game
- Attention early investors: The early pre-sale has only just started!
- Meta Masters Guild is powered by leading e-gaming studios!
- Solid Proof Play2Earn Crypto with Rewards, Stake and CoinSniper Audit.
For the record-breaking fightout advance sale
- Move2Earn cryptocurrency with great potential in pre-sale
- Blockchain based system with Move2Earn Rewards
- Fightout rewards its users’ fitness activities
Sustainable cryptocurrency with e-mobility rewards
- Eco-friendly crypto project in advance
- CO2 certificates for e-car owners as a reward
- Contributes to the democratization of CO2 credits
Buy Dash 2 Shop cheap in pre-sale now!
- Dash 2 Trade offers cutting-edge crypto analysis tools and many features
- Currently, D2T tokens can be pre-purchased at a discounted price
- The value of the new Dash 2 Trade cryptocurrency may explode before long
Don’t miss out: RobotEra is still available cheap!
- Trendy metaverse project based on NFT
- Sandbox-like play-and-earn features
- Get in cheaply now via the pre-sale
Buy Calvaria now in Presale!
- Calavria: Duels of Eternity is currently the hottest GameFi game
- Interestingly for game 2 both players and no-coiners earn
- Get to know Calvaria now and secure eRIA tokens in the presale
Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.