Solana Price Up 9.16% – Time To Buy SOL Coin?

Investors are rushing to buy SOL due to the asset’s impressive performance in the last 24 hours as the crypto market recovers from a lull.

Crypto bellwether Bitcoin dipped after reaching an all-time high (ATH) of $69,000, with other crypto assets plying the same route. However, Solana has been one of the assets that have recovered quickly after suffering some dips.

Solana Market Position

At press time, Solana is trading at $208.92, up 4.31% in the last 24 hours. The coin known for scalability is down on the weekly chart, losing 6.24% in the previous seven days. In one month, the number five ranked crypto asset has gained 6.80%.

The asset has enjoyed impressive gains, further displayed by the outstanding 13,672% that Solana has recorded year-to-date (YTD). This increase is another reason why the asset is attractive to investors.

The fast transaction processing asset enjoys a market dominance of 2.46% of the $2.3 trillion crypto market. Solana’s market cap stands at over $63,000, up 9.16% in the last day.

The 24-hour trading volume of the coin sits at over $2.2 billion, up 54.84% in the past day.
The asset hit an all-time high of $259.96 on November 6, 2021, but has not been able to surpass this height. However, investors are confident that Solana will likely surge in the coming days making now an ideal time to buy SOL.

SOL Technical And Fundamental Analysis

The data shows that the 20-day moving average support price of $218.68 is above the asset’s current price, indicating a bearish run. On the other hand, the 200-day MA support price of $105.25 is well below the current price and shows that the asset is on a bullish run in the long term.

The relative strength index (RSI) of 49.66 shows that the digital asset is trading in the under-bought region. Thus, this still presents investors with the best opportunity to buy SOL.

The moving average convergence divergence (MACD) has the orange trend line soaring above the blue indicator line, pointing to a sell signal.

As for fundamentals, Solana blockchain aims to achieve fast transaction speed at a low cost without relinquishing its decentralisation.

In a recent report, the Solana Foundation claimed that a transaction on the Solana network consumes less energy than what is required for two Google searches.

The report further stated that a transaction on the Solana network uses 24 times less energy than what is needed to charge your phone.

DeFi Land, a multi-chain agricultural web-based game created to gamify decentralised finance (DeFi), is built on the Solana blockchain.

Defi Land is already getting listed on different crypto exchanges, including FTX, Gate, and Raydium, and this is a milestone for the project.

The game aims to turn investment activities into different playable games. It uses unique NFTs like some user in-game assets with unique functionality. The game also has a play to earn feature. Users also stand a chance to earn amazing prizes as they achieve certain objectives in the game.

Meanwhile, the Render Network (RNDR) is building a metaverse to integrate both Solana and Metaplex. RNDR Founder Jules Urbach made this announcement on stage at Breakpoint.

RNDR uses blockchain to render graphics and animations for television and film studios like Netflix and Disney. Render hopes that integration with the Solana would enable the same rendering power on phones or tablets to bring users a photorealistic metaverse.

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