Solana (SOL) exhibited a robust bullish trend on the daily and weekly charts today. Earlier in the day, SOL was trading at $24, flipping it into support; the price hit today’s high at $27.21. The key question is whether SOL will chart a consolidation course or if the bulls will accelerate its journey toward the coveted $32 mark.
The latest data from CoinMarketCap shows that SOL is currently priced at $27.16, marking an impressive surge of 184.70% within a 24-hour trading volume of $1 billion. Over the past day, SOL has soared by 13.43%, while the weekly chart showcases a remarkable 25% ascent. As of now, Solana sits at the seventh position in CoinMarketCap rankings, boasting a live market cap of $11 billion.
The bullish sentiment surrounding SOL strengthened further this week as it managed to maintain support at $25 and break above the upper dotted falling trendline. Notably, traders have seized opportunities to enter long positions in SOL, as the Moving Average Convergence Divergence (MACD) indicator emitted a buy signal on the daily chart.
Solana Rising As Ethereum’s Strong Contender
After the notorious FTX crash raised doubts about Solana’s future, the network has consistently silenced its skeptics by rolling out new updates and innovative products. This resilience has reassured investors and bolstered confidence in the Solana ecosystem.
Nonetheless, the world of cryptocurrencies is replete with contenders seeking the limelight. For an extended period, Ethereum (ETH) reigned supreme, evolving from a non-consensus asset in 2018 to an undisputed leader in the decentralized finance (DeFi) arena today.
However, the crypto landscape is in constant flux, and a new challenger is currently in the spotlight—Solana (SOL). Respected crypto analysts now boldly assert that Solana is the “strongest non-consensus asset” during the current bear market.
Such declarations carry weight and are supported by Solana’s recent performance, which speaks volumes about its potential to reshape the cryptocurrency narrative.
Well, the question of whether SOL will indeed surge to $32 remains tantalizing. The future of Solana, with its recent bullish momentum and the unceasing evolution of the crypto world, continues to unfold as an enticing story.