Solana (SOL), which held a position well above the $35.00 level support, displayed a pattern of a reverse that indicated a rebound over the last 24-hours.
SOL’s current trading price is $36.86. That’s 13% more than the previous seven days according to Coingecko data. SOL’s current trading volume is $1,177,991,581, a decrease of 24% during the last 24 hour.
SOL’s support zone is $20-30. SOL was trading sideways for 24 days following its plunge to the support area. The cryptocurrency eventually began to reverse.
Solana 3-Day Ascent – Bulls Take Charge
Following a devastating decline of recent weeks, the price for Solana is now in a notable reversal. The bulls are currently enjoying a 14 per cent three-day rally that began July 5, after the $31 upper low was reached.
Bulls had a valid entry signal when they received an 8- and 21 day simple moving average (SMA) as a cross on July 6. There was an immediate liquidity hunt at $35 to remove weak positions.
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Traders are currently observing “FOMO” traders who set their original trade’s invalidation level below the SMAs enter the market.
According to the daily price charts, Solana prices are trying to maintain a close proximity of the ascending trendline. SOL has been consolidating within a horizontally bound area immediately after leaving the ascending curve.
The cryptocurrency could however return to an ascending curve, if it registers an exit from the consolidation phase.
The token needs to continue growing momentum even in such a negative environment. The token is under short-selling pressure, and the volume suggests that it has been caught by sellers trying to limit its movement within the bounds of the horizontal range.
SOL market capital at $12.7 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com
SOL poised to outperform Ethereum in NFT Markets
DappRadar is a decentralized application platform which provides insights and information on all available DApps. It has suggested that SOL could surpass Ethereum (ETH), due to its low gas prices and entry restrictions.
Despite a fall in the trading volume of other blockchains, notably ETH, DappRadar pointed out that the trading volume of SOL has been increasing.
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In its most recent analysis, DappRadar finds that Solana is performing exceptionally well in the NFT market despite the crypto market’s precipitous decline.
The research also found that Solana outsold other blockchains in terms of their sales volume.
DappRadar showed that Solana and Avalanche were the clear winners, with respective 21 percent and 15% increases in trading volume.
Featured Image from Analytics Insight. Chart from TradingView.com