Solana Price Shows it is back From the Dead - Can the Resurrection Push Coin 2x to $30?
Solana, once touted as the "Ethereum killer," is up 5.84% so far today after a huge rally that has driven the price up 25.67% in the past week. Solana's price is at $16.56, is it climbs the ranks, and it's now up by almost 70% since the end of the 2022 trading year.
The dramatic upsurge in SOL's value can likely be attributed to two things: strong backing from Ethereum founder Vitalik Buterin, and higher participation in the Solana blockchain since the BONK token was released.
Presently, Solana's 20-day EMA stands at $13.6650, which implies that it is on an uptrend in the short term. Meanwhile, its respective 50-day EMA and 100-day EMA are both comfortably positioned respectively at $14.5185 and $19.1219 suggesting stability in the medium to long-term outlooks.
Solana has been trading sideways for the past four days as the price consolidates while waiting for the 20-day and 50-day EMAs to converge. Immediate support for the cryptocurrency ranges from $14.58 to $15.11, while immediate resistance can be found between $17.64 and $18.86, which could coincide with the 100-day EMA.
The Relative Strength Index (RSI) is currently at 70.17, indicating that the cryptocurrency is currently in overbought territory, which means that the price of Solana may be overextended and a correction or pullback in price could occur. Traders who are considering investing in Solana should be aware of this risk and take a cautious approach. This could include setting stop-loss orders to limit potential losses and/or waiting for a potential pullback in price before entering a position.
So far in 2023, the crypto market is displaying signs of potential recovery. If you are questioning which are the best cryptos to buy today, an excellent practice may be
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