Solana interest grows as price eyes a bullish push after weekly 40% gains

• Solana Tokens Rise Nearly 40% in a Week as Network Activity Spikes

• Weekly Profit Inspired by Bonk Token Airdrop

• SOL faces resistance at $14

Solana (SOL/USD) is posting strong returns after a difficult period in 2022. Frequent hacking, the collapse of FTX, and a prolonged crypto winter are some of Solana’s problems in 2022. Notably, the FTX crash drove SOL below $10. However, a return of nearly 40% in one week shows that investors have not put an end to the declared Ethereum killer.

According to Austin Federa, Head of Strategy and Communications at the Solana Foundation, SOL is fighting the FTX epidemic. The network has seen an increase in on-chain activity of users and developers. He said no projects would migrate off the blockchain, highlighting Solana’s strengths and performance.

SOL’s latest gain comes amid growing investor interest. This will come after the launch of the Shiba Inu-themed BONK token.according to the latest cryptocurrency news, BONK will be airdropped up to 50% of the supply. Approximately 20% of airdrops will go to the Solana NFT collection. In this development, we have seen several Solana projects integrate Bonk tokens for use in trading the listed NFTs.

SOL Price Outlook and Analysis Approaches Resistance

SOL/USD chart by TradingView

From a technical point of view, SOL is somewhat bullish, but mostly bearish. The indicator is approaching the neutral zone, but it shows that SOL is bearish. The resistance is at $14, just below the SOL price.

What’s next for SOL price?

the profit of sol price Positive after a prolonged bear market. However, $14 will prove a test for the bulls. A bullish scenario will be strengthened if the cryptocurrency breaks out of the resistance level. This could allow SOL to continue its uptrend to above his $18 level.

Conversely, SOL will face a bear at $14. Buyers may also exit at the overhead resistance to force a correction. This could cause the token to retest the $11 or $10 bottom.

Where to buy sol

eToro

eToro offers a wide range of cryptocurrencies such as Bitcoin, XRP, as well as crypto-fiat and crypto-crypto pairs. eToro users can connect, learn, copy, and be copied by others.

Buy SOL on eToro today

Disclaimer

public

Public is an investment platform where you can invest in stocks, ETFs, cryptocurrencies, alternative assets like art and collectibles all in one place.

Buy SOL now on Public

Disclaimer