Making waves, Solana (SOL) rallied a strong 40% in just three weeks. This increase occurs despite a discernible drop in market participants’ interest, highlighting the potential of this digital asset. Curiously, Solana’s value recovery has mostly remained unaffected by traditional on-chain criteria like growth activity and social dominance. Even the Securities and Change Fee’s (SEC) most recent crackdown on cryptocurrency, which saw many assets fall, hasn’t slowed Solana’s ascent.
Strong Community Developments Under Solana Launch Bullish Progress
Solana (SOL) just passed the $20 worth threshold, marking a significant accomplishment that has sparked great joy among buyers and cryptocurrency enthusiasts. After a strong 85% increase, DeFiLlama is Solana sixth in terms of weekly decentralized change (DEX) amount, indicating that the bullish momentum is still accelerating.
With an accrued amount of over $55 billion and a 24-hour transaction quantity that exceeds $40 million, Solana’s growth trajectory is exceptional. Sentiment also shows that the purchasing and selling volume of Non-Fungible Tokens (NFTs) on the Solana platform has improved significantly.
Despite a recent slight decline, the USD amount for NFTs on Solana is still significantly higher than it was the previous year and is getting close to $3 million.
A closer look at the Open Curiosity (OI) chart for SOL provides additional evidence of the outlook’s continued bullishness in recent weeks.
According to a report on SOL’s value, the OI is gradually rising, reflecting the value increase since June 20. Given this information, traders maintain a strong positive outlook on SOL’s future prospects even as OI approaches $248 million.
Although there won’t be as much pressure to buy to up the price. If Bitcoin (BTC), the major cryptocurrency, experiences further encouraging movement, the rising pattern of SOL’s performance may continue.
What Comes After SOL Value?
The Solana candlestick’s extended wick shows that the bulls are resolutely protecting the $18.8 level. One tiny gain for the bears is that they were able to prevent the price from rising above the immediate resistance at $21. SOL value is currently trading at $20.8, up more than 6.3% in the last day.
The 4-hour value chart’s 20-day EMA at $19.6 has started to increase, and the RSI is in the positive territory, indicating that buyers are currently in control. The bulls might attempt to break through the $21 barrier once more. If they are successful in doing so, the SOL value may increase to $22.36 and then to $24.02 as a result.
However, if the value keeps rejecting and drops below the moving averages, it could signal the start of a more significant decline. In this circumstance, the SOL worth may fall into the substantial help range of $14.3 to $17.
