Solana Glints With 14% 3-Day Rally


Over the past 24 hours, Solana (SOL) maintained a strong position above the $35.00 support and showed a reversal pattern indicating a recovery.

As of this writing, SOL is trading at $36.86, up 13% in the past seven days, according to data from Coingecko. SOL’s trading volume is currently $1,177,991,581, down 24% in the last 24 hours.

The support zone for SOL is between $20 and $30. SOL has been in a sideways market for 24 days after dropping to its support zone, and the cryptocurrency is finally starting to make a modest reversal.

Solana’s 3-Day Rise: The Bulls Take Charge

Solana price has started a commendable reversal after a disastrous drop in recent weeks. Since writing the higher low at $31 on the last day of June, the bulls have created 14 percent Three days’ walk Starting July 5th.

The golden cross of the 8 and 21-day Simple Moving Averages (SMAs) gave the bulls a valid entry signal on July 6. At $35, there was a short chase for liquidity to weed out weak positions.

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Traders are currently watching FOMO traders who set their original trade invalidation level below the simple moving averages to enter the market.

On the daily price chart, Solana price is trying to hold near the ascending trend line. Immediately after leaving the ascending curve, the SOL was coherent within the horizontal band boundary region.

However, the cryptocurrency can return to the upward curve by logging out of the consolidation period.

In this unfavorable climate, the token must also continue its upward momentum in order to rise. As a result, the volume indicates that the coin is under short selling pressure and that sellers are trying to hold the token within the range bound horizontal area.

SOL total market cap at $12.7 billion on the daily chart | Source: TradingView.com

Sol is poised to outperform ETH in the NFT market

DappRadar, a platform that provides information and insights on all existing decentralized applications (DApps), indicated that due to cheap gas prices and entry restrictions, SOL is likely to overtake Ethereum (ETH) as the main blockchain in the NFT market.

Despite the decline in volume for other blockchains, notably ETH, DappRadar notes that SOL trading volume is increasing.

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In its latest analysis, DappRadar found that Solana has performed exceptionally well in the NFT market despite the sharp decline in the cryptocurrency market.

In terms of sales volume, Solana has also outperformed other blockchains, according to the research.

Solana and Avalanche emerged as the clear winners with a 21 percent and 15 percent increase in trading volume, respectively, according to DappRadar.

Featured image from Analytics Insight, chart from TradingView.com



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