Solana (SOL/USD) could maintain bullishness if this happens

  • Solana token added almost 50% value in a week

  • Profitable during BONK token launch

  • SOL overcomes resistance and looks to higher levels as it closes above the key zone

Solana (SOL/USD) has recovered above the 50-day moving average for the first time since the FTX-adjusted crash.that is sol price It has risen nearly 50% over the past week, outperforming other major cryptocurrencies. SOL has also recovered above the $15 resistance, giving buyers hopes for further gains. The fundamentals are also good.

Crypto analytics Token Termina shows that Solana’s daily active users continued to grow in January. Since its launch in 2023, the number of active users has increased by 55.9%, from 56,000 to 160,000. This suggests that users have not given up on the Ethereum killer, which was declared to have had a series of challenges last year. There is a reason for this increase in active users.

Bonk dogs, or simply Bonks, continue to fascinate their fans. Released just a week and a half ago Bonk Cryptocurrencies have become a sensation as dog-themed cryptocurrencies surged in value by four digits. Tokens are based on the Solana network. On its Twitter page, Bonk sees himself as “the first Solana Dog Coin, by the people, for the people.” The hype surrounding the launch of this token ensured airtime for the Solana network and attracted users.

SOL moving average joint support

SOL/USD chart by TradingView

Technically, Solana has crossed the critical resistance of $15. Since early November 2022, the bulls have failed to break out of this critical level. The price also moved above his 20-day moving average and his 50-day moving average for the first time since November. An RSI reading of 72 indicates that SOL buying is intensifying.

Expected price movement of SOL

The SOL is clearly overbought, showing an RSI reading of 72, which could lead to a downward revision. However, we remain optimistic that the rally will sustain to $18 levels as the momentum is strong. SOL needs to rise above $18 to sustain the bullish rally. This could set the cryptocurrency in the $28 zone for a longer lasting rally.

Where to buy sol


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