Solana (SOL), has been able to retain most of its gains in the last 48 hours, while many coins have bled. It started at $33.25, rising to $34.34 by noon yesterday.
Solana (SOL), suffered a drop in value from $32.85 down to $31.74. It recovered quickly and has continued to grow steadily since. At the time of writing, SOL’s current price is $33.72.
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SOL Holding On To Dear Life
Over the past week, most top 100 coins have experienced a drop of more than 10% in their value. SOL was one token that has held firm during the downturn.
Coin price started off with a rough start. It entered the new week at $32.1. It looked like the coin would rise to $40 at one point when it hit $35.02 Tuesday 27th. The run ended quickly as the stock dropped to $31.77 next day.
Investors were left smiling later as the token climbed slowly back up to $34.34 by September 29th. It has so far made a good amount of money and currently sits at $33.89. SOLUSD price chart from TradingView.com
There are some gains in turbulent waters
SOL’s performance is nothing short of impressive, considering how volatile the market has been for other tokens. There aren’t any signs that the market will slow down, as SOL is currently trading at over $33.
SOL’s price stays modestly above a crucial support level of $30, which serves as a good buying zone for traders. SOL must move above $35 in order to continue its upward trend. This is the weekly resistance. SOL could see a significant rise in the $45 to $58 range if it breaks above $35. HistorischSOL pricing found it difficult to break out of the range.
Based on its performance in the last three months, it’s likely that SOL will likely continue to climb higher. Some are already anticipating that SOL will reach $41. An TradingView analystSOL may reach the $35 milestone if the US market moves in the right direction.
Perhaps NFTs and social engagement are what SOL needs
Solana’s week on social media has been very eventful. Recent tweet by PHOENIXSolana was the most popular project for social activity. It received 35,100 mentions on social media and had 58.3 millions engagements.
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But that’s not all. Statistics from Delphi Digital show an increase in Solana’s share of NFT trading volume. The following is from the tweet, Solana’s NFT volume increased from 7% to 24% in the past six weeks. SOL can benefit from this momentum in NFT, which could help it surpass its resistance to reach new heights.
Featured image by Pixabay, chart from TradingView.com