Solana Adds 70% More Shine – Can SOL Keep The Light Coming?
July 19 2022 - 10:25AM
NEWSBTC
Recent Solana price analysis indicates that the bulls have
taken the driver’s seat as prices of the crypto have
surpassed the $45 mark. As of this writing, SOL is trading at
$46.25, up 40% in the last seven days, data from Coingecko show,
Tuesday. The market is anticipated to continue its ascent as long
as $41 serves as support. Nevertheless, the bears may claw their
way back if prices fail to surpass the $42 resistance
barrier. Suggested Reading | Polygon Price Explodes By 60% – Is
MATIC Nearing $1 Target? Solana Outperforms Major Cryptos Solana’s
price behavior over the past seven days has outpaced Bitcoin, BNB,
XRP, and Cardano despite not displaying as much upside as Ethereum
during the same time period. If SOL keeps going up, its market
capitalization might exceed Cardano’s $16.4 billion and overtake it
as the eighth-largest digital asset by market cap. Tuesday saw the
global cryptocurrency market capitalization surpass $1 trillion for
the first time in as many months. Nonetheless, the total trading
volume of cryptocurrencies decreased by more than 1 percent to $63
billion. The price of Solana experienced a robust bounce as
investors continued to purchase dips. The token’s breakthrough of
the $46 threshold represented its highest price since May of this
year. Image - Changelly SOL Gets 70% More Light SOL has
increased by more than 70 percent from its year-to-date low as the
volume of its DeFi platforms has grown. Solana’s market
capitalization of $15 billion makes it the ninth largest
cryptocurrency in the market. Solana was able to overcome $44’s
primary obstacle and convert it into support. Thus, SOL soared past
the rising triangle, which is currently being tested as support. If
this range is sustained over the medium term, the route to $59 will
become less difficult. The price of SOL has climbed by
around 20% during the previous 36 hours. It rose from a
monthly low of $38.60 to a new monthly peak of $46.25. The quick
increase has enabled the cryptocurrency to pass a significant area
of resistance, which could lead to new highs. Suggested Reading
| XRP Must Breach This Key Level To Avert The Downturn SOL
total market cap at $15.5 billion on the daily chart | Source:
TradingView.com In the near future, the bulls may seek to drive
prices higher and surpass the $42.01 resistance level. The
following resistance levels for bulls are $43 and $43.5.
Prices are exhibiting a bullish ascending triangle pattern.
Meanwhile, STEPN, a top-rated Solana-based Move-to-Earn initiative,
announced last week that its platform fees produced over $122
million in income during the second quarter of this year. This is
significant Solana news that is shaping the broader cryptocurrency
market. In related news, Katana, the premier Yield Generation
protocol for Solana, has disclosed that the platform has received
over $600 million in options volume traded through the platform,
indicating the enormous demand for Yield Farming services on
Solana. Featured image from Vecteezy, chart from TradingView.com
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