The Solana ecosystem has been a worthy contender among leading DeFi projects, often topping in the DeFi, NFTs, and Web3 industries. Recently, its native asset, $SOL, has been posting notable strides.
SOL has exceeded the $67 psychological level, which posed significant resistance to its ascent over the past few months. Notably, SOL now trades above $70, and breaking above this level will be a good sign for the Solana ecosystem.
As a result, investors are wondering if it could sustain above this region or even reach $90 this weekend.
How has SOL Performed Recently?
Since late October this year, SOL has been forming higher highs and lows, implying that the buyers have been working tirelessly to force more gains. And too bad for the bears, the buyers don’t want to quit any time soon. Solana (SOL) tested the $67 on November 15.
It breached above this region but didn’t last for long. On November 16, the Bears pulled the value to a low of $51, representing a loss of almost 24%. But things didn’t remain that way as the bull regained control. A few days later, SOL resumed the uptrend movement.
This time, the price breaks the level to $70 and has refused to back down ever since. Right now, Solana’s $SOL is trading at $73, surging over 13% in the last 24 hours, with a 20% seven-day price increase, according to CoinMarkaetCap data. Its price is now 70% higher than its past month’s value.
Solana Price Review: Technical Indicators Signal
Sol is currently on a winning streak, riding high on a bullish trendline, as shown in the chart above. Also, SOL is above the 50-day and 200-day Simple Moving Average, a sign of strong bullish sentiment.
Here’s the interesting part –the SMA can serve as a support, preventing the asset’s price from dropping.
In addition, there’s a primary support region at $52. This price level is also very significant for the SOL token as it is where the bulls might rebound SOL should the bears force a decline.
If SOL drops to $52 and the bulls fail to rally, further decline might happen. However, with how things are going, such a scenario may not happen soon.
Adding to this, the Stochastic RSI is above 80, showing buyers are calling the shots in the market. In all, SOL is doing well today, and if it continues with the ongoing momentum, it may hit $90 in the coming days. Nevertheless, employing other technical indicators before making trading decisions is important.
Solana Network Growing, Making Everyone Hopeful
Positive developments in its ecosystem have facilitated Solana’s (SOL) ongoing rally. Recently, Ally Zach, an analyst at Messari, shared a report about the growth of Solana.
According to Zach, SOL’s price has surged more than six times from 2022 lows.
1/ Solana’s ecosystem has seen exceptional growth lately:
+ SOL up over 6x from Dec ’22 lows
+ active addresses up ~2x
+ TVL up ~2x
But, do these figures reflect fundamental growth, or is there a disconnect between price action and network development? 🧵 pic.twitter.com/MRgFCLlQAP
— Ally Zach (@0xallyzach) December 6, 2023
Also, the analyst noted that Solana’s TVL and active addresses have doubled as well. Although Solana started as a new DeFi hub, it has diversified over time, according to Zach.
The analysis said Solana has continued to add new features, including tools like compressed NFTs, which have introduced new consumer apps on the ecosystem.
Further, Zach’s latest report revealed that since the start of 2023, lots of new folks have been using consumer apps. As a result, the platform hit a “Breakpoint in early November.” And since then, Solana’s DeFi space has been re-established.
These growths in TVL and active addresses show that the team behind Solana is working hard. If they continue developing new projects and features, SOL’s price might even reach $100 this year.
SOL Best Alternative: Bitcoin ETF Token Bags $3.1 Million in Presale
Amidst the increasing anticipation for spot Bitcoin ETF, this new token is making headlines. This ERC-20 token capitalizes on the anticipated event for its growth.
Impressively, the new token, Bitcoin ETF (BTCETF), has raised more than $3.1 million from its presale, demonstrating investors’ interest in the project. Many hope the token will surge massively once it comes live.
Bitcoin ETF’s Burning Method Makes It Top Choice for Investors
The project introduced a nice strategy that will enable them to reduce the tokens in circulation. The team intends to burn 5% of BTCETF tokens after the main Bitcoin ETF hits a milestone in the approval process.
This is a rare strategy; with time, it might boost the token’s price. According to the project, this burning will occur five times and permanently eliminate 25% of the total token supply.
BTCETF Plan to Reward its Faithful Investors
The project has an exciting way of saying thank you to investors who keep their tokens for a long time. It has a staking feature that lets people lock their tokens and get some nice rewards. This is like earning money while doing nothing.
Right now, people who stake their tokens can earn an impressive 114% APY. More than 10% of all the tokens are already in the staking platform. Many investors are already rushing in, and to avoid missing out, visit the official project’s site to buy the token.