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Solana (SOL/USD) surged to a two-month high of $38.7 over the weekend.strong recovery It happened after Google Cloud announced that it had become a Solana validator.
Google Cloud also said it will continue working with Layer 1 blockchains. The partnership will bring the Blockchain Node Engine to the blockchain in 2023. Solana is now expected to become a payment provider for Google Cloud services.
Apart from recent developments, Solana is growing. In late September, the total number of blockchain transactions surpassed 100 billion for the first time. Of course, that comes at a time when Solana’s die-hard fans continue to express concern about frequent network outages. The increase in adoption means that investors are seeing real-world use cases for the declared Ethereum killer.
Elsewhere, pseudonymous crypto analyst Kantering Clark is too optimistic about SOL’s recovery. said to be forming. He argues that cryptocurrencies have removed diagonal resistance and are consistently getting the green light.
Aside from the positive fundamentals, the technical indicators show that SOL is about to break through an important level.
Source TradingView
Technically, SOL was rejected at the $37.6 resistance zone. Token attempted a breakout after a strong rally over the weekend. The jump took the cryptocurrency above his 50-day moving average for the first time since mid-August.
The MACD indicator shows SOL’s bullish momentum. However, the momentum has eased slightly after SOL dropped 10% on Monday.
$37.6 is SOL’s all-important litmus test. There are already signs that buyers are refusing to cut prices below his 50-day moving average. If the buyers maintain their resilience, the SOL is guaranteed to break out of his $37.6 level.it opens buy We trade, raising the price to $42 and setting the main resistance at $47.
Another price refusal at $37.6 could cause buyers to wait longer for SOL to move higher. A bear market for SOL could continue if price breaks below the moving averages.
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