Solana Price Up By 22.88% – Time to Buy SOL Coin?
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Ethereum rival Solana has been a standout star in a heated decentralised finance (DeFi) race. With multiple integrations under its belt, the lightning-fast decentralised applications (dApps) has shot up in value, making them more attractive to investors.
Solana’s rally on the crypto market in the past 24 hours has triggered a rush to buy SOL, as depicted by the digital asset’s technical and fundamental analysis.
SOL Price Zooms Up As The Broader Crypto Market Post Record Gains
The crypto market has over $2.66 trillion, following a 4.84% increase in the last 24 hours. While Bitcoin and Ethereum still lead with 46.7% and 18.6%, respectively, other altcoins have also contributed a sizable quota to the nascent industry’s resurgence.
Solana is up 22.88% in the last 24 hours and changes hands at $191.98. The weekly gain, which stands at 26% following a record value gain in the broader crypto space, is even more impressive.
SOL has a market cap dominance of 2.17% and ranks sixth on the most valuable crypto assets by market cap. On the valuation front, SOL’s remarkable rally has seen it gain as much as $97.25 billion in the past 24 hours, reflecting a 22.06% increase in investor funds.
Meanwhile, today’s rally is a reflection of the digital asset’s strong potential. SOL surged to a record value of $214.46 on September 4, with the price jump pushing it into the top 10 most valuable assets. For a large part, the digital currency has traded within the $150 range despite a strong bearish season that saw the crypto market slide to $2.25 trillion in the September lull.
With the crypto market currently on an uptrend, SOL’s value is still expected to see a breakout above the $200 range in the coming days. A strong bullish push means this could be an ideal entry point to buy SOL and make substantial gains.
SOL Technical And Fundamental Analysis
The digital asset’s technical performance indicates why this could be a great time to buy SOL. The Ethereum killer is trading well above the 20-day moving average (MA) support price of $159.96, showing a strong bullish trend. The 200-day MA is even more bullish as SOL trades above the support price of $70.14.
The relative strength index (RSI) figure of 69.31 means that SOL is trading dangerously close to the overbought region as interest in the digital asset ramps up.
This could be following a strong moving average convergence and divergence (MACD) reading of 7.11, which point to the green trendline indicating a buy signal.
Aside from the broader crypto market resurgence, the Solana blockchain has recorded some fundamental results. The Solana protocol launched the IGNITION Hackathon in early October to boost its blockchain adoption. According to a tweet, 568 projects have been formed so far. This new move is expected to make the high-speed blockchain a top choice for development teams.
Likewise, the next-generation lending protocol Apricot Finance successfully launched on Solana mainnet. The cross-margin leverage protocol enables yield farming of popular digital assets with minimal risks to investor capital. The biggest news for Solana so far this month came in the form of a partnership with the top centralised crypto exchange FTX to support the Solana NFT arts.
According to the Sam Bankman-Fried owned Bitcoin exchange, US residents will now be able to trade, mint, auction, and authenticate Solana NFTs on its new marketplace called FTX NFTs.
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