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You are here: Home / News / Altcoin News / Solana [SOL] gains over 9% Intraday, heading for another Rally?
Solana [SOL] gains over 9% Intraday, heading for another Rally?

Solana [SOL] gains over 9% Intraday, heading for another Rally?

December 1, 2021 by Lipika Deka

After recovering from a steep correction, Solana [SOL] managed to hold the ground, registering a 9.06% surge in the last 24 hours and reaching $220 by mid-day on the 1st of November 2021. Interestingly, the price surge took place in the backdrop of the major asset management firm, Grayscale Investment’s announcement of adding SOL to its investment portfolio, yesterday on its official Twitter handle.

The digital asset class is growing, and we’re expanding our offerings along with it! Gain exposure to $SOL, the native token of the @Solana network, through new Grayscale #Solana Trust. Learn more: https://t.co/QiT6u0xI7h pic.twitter.com/KAxRZAriRl

— Grayscale (@Grayscale) November 30, 2021

At the time of writing, SOL’s price was trading at $217.50 with a 24-hour trading volume of $3.14 billion. The asset rose by 8.10% in the last 24 hours. It is currently ranked at #5, with a market cap of $66 billion as per data on Coinmarketcap.

What do Solana [SOL] price technicals indicate?

SOLUSD 2021 12 01 14 22 21
Solana [SOL] gains over 9% Intraday, heading for another Rally? 4

From the four-hour chart above, the Relative Strength Index [RSI] indicator rising above the 50-median is leaning towards bullish tendencies as buyers resort to dominating the market. With regards to the Chaikin Money Flow, [CMF] cruising above the equilibrium layer is suggesting an increase in the capital inflow. Similarly, the green price bars of the Awesome Oscillator [AO] too reiterated the bullish narrative.

SOLUSD 2021 12 01 14 29 12
Solana [SOL] gains over 9% Intraday, heading for another Rally? 5

With respect to the above daily chart, the price has been on an uptrend, as evident from candles hovering above the 50,100 and the 200-day moving average [DMA] that are acting as support from the further downtrend.

The recent decision by Grayscale Investments to add Solana into its product line would undoubtedly attract visibility from high-net-worth and institutional investors. The reason behind that is Solana’s tremendous growth as a blockchain project in 2021. The layer-one protocol emerged as a top contender against a behemoth like Ethereum, after providing users with one of the lowest cost and fastest transaction speed public ledgers.

Despite its price uptrend, market speculators however warn that the native token might face some serious hurdles due to issues such as ‘excessive valuations on longer-timeframe charts and the chances of network outages’

Filed Under: Altcoin News, News Tagged With: Grayscale Investments, SOL, solana

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