- SOL highlighted as standout performer in recent cryptocurrency trading activities.
- SOL experienced notable surge in price and trading volume.
- SOL’s price may ascend to $26 and encounter minimal obstacles.
According to a recent Twitter post by Altcoin Sherpa, a renowned cryptocurrency analyst, it may be prudent for traders to consider accumulating Solana
In cryptocurrency, CoinMarketCap has highlighted SOL as a standout performer amidst recent trading activities. Notably, SOL stands out as one of the rare digital assets that witnessed a price surge in the past day. Furthermore, it is worth mentioning that SOL was the sole altcoin within the top 10 cryptocurrencies to exhibit a price appreciation during this period.
As of the latest update, the value of SOL stood at approximately $23.10, reflecting a 0.79% surge in price within the last 24 hours. This indicates that SOL’s trading position was slightly closer to its daily low of $22.87 than its daily high of $23.50.
SOL experienced a notable surge in price, coinciding with a significant uptick of over 29% in its intraday trading volume. Consequently, the token’s trading volume reached an impressive $327,856,934. However, despite this positive development, SOL’s weekly performance remained negative, declining by more than 5%.
Regarding technical analysis, the price of SOL was observed to be fluctuating within the range of the 20-day and 50-day Exponential Moving Average (EMA) lines at the time of reporting. This occurred after the altcoin’s price rebounded from the 200-day EMA line within the last 48 hours. Should SOL conclude today’s trading session above the 20-day EMA line, specifically at $23.58, it may ascend to $26 within the next 48 hours.
Moreover, should SOL successfully surpass the $26 mark, it will likely encounter minimal obstacles on its upward trajectory towards the notable resistance level at $38 within a fortnight. Conversely, suppose SOL fails to achieve a daily candle closure above the 20-day EMA line. In that case, there is a potential downside risk, with the price declining to the support level of $21.45 in the upcoming days.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
