The Solana blockchain’s native coin, SOL, is displaying encouraging indications of a bullish breakout. It is not only bucking the trend on the BTC and ETH pairings, but it is also showing potential divergence and a break of the trend line on the USD. The possibility of a strong rally in the cryptocurrency suggests a possible investment opportunity.
A high-performance cryptocurrency blockchain called Solana was predicted to be a “Ethereum killer” in 2021. After the catastrophic 2022, when FTX sold a lot of its native token SOL to obtain some liquidity, the token is now gaining popularity.
Solana has moved up a stunning 35% in only the last 10 days. After such a quick increase, some consolidation or a retreat is to be expected, but the general trend remains optimistic. The cryptocurrency expert who made these findings also said that Solana will be one of their top purchases this year, signalling a firm belief in the coming bull run.
Furthermore, a big resistance level that was created in February has been successfully broken through by Solana. If this trend holds, Solana may soon go for $25, which corresponds to the most recent local high. Solana is currently trading at about $21, which is in line with the resistance of the 200-day exponential moving average (EMA). For Solana, this level may serve as a turning point, paving the way for the following wave of upward momentum.
Potential investors must, however, proceed with caution. Although there are encouraging indicators, careful research and risk management are required due to the cryptocurrency market’s inherent volatility. The upcoming weeks may offer a worthwhile chance for traders and long-term investors if Solana successfully establishes support at the $21 level and starts to go higher.
