Solana’s native token, SOL, jumped over 12% in price over the last 24 hours, clearing the $60+ level as of this writing. The recent rally reflects improving technical developments for the high-speed blockchain network combined with a renewal of investor interest across cryptocurrency markets.
Keypoints
- Solana (SOL) price increased 12% in 24 hours, uptrend resuming but volume needs to increase to sustain momentum
- Key resistance level to watch is $67; breaking above that could send SOL to approach $100
- Daily RSI indicator made a higher high, confirming buyers are now in control of price action
- Price rally attributed to relief that FTX fallout was not existential to Solana, plus technical improvements to the blockchain
- Renewed investor interest and momentum across crypto markets, with Bitcoin dominance rising, is lifting prices
The price surge allows Solana to break out of its recent trading range between $40-$50. The move upwards stalled over the last month as bears maintained downside pressure following the FTX collapse. However, the avoidance of major fallout or contagion to Solana from FTX has provided some relief to investors.
With Solana maintaining operability and continuing to onboard new projects and partners, the focus can return to its technological edge. Recent upgrades have lowered hardware requirements for running validation nodes and enabled zero-knowledge rollups for greater throughput and privacy.
The network’s ability to offer high speeds, low costs, and an ease of building decentralized apps has long provided an edge to compete with Ethereum. The improvements make it even more attractive for developers and users.
These technical boosts are well-timed alongside a modest return of risk appetite to crypto markets. Inflows have come back to digital asset funds, Helping lift prices broadly higher since mid-November. Bitcoin dominance is also rising as investors direct more capital to the sector’s reserve asset.
The increased trading activity and liquidity provide additional momentum for Solana to sustain this new uptrend. The key test ahead is whether $67 provides sturdy resistance. That marks the swing high from late October when the price stalled.
Clearing the $67 hurdle opens up upside potential towards the psychological $100 level with limited overhead resistance beyond. It would confirm the bullish breakout as credible and backed by strong conviction from buyers.
The MACD indicator flipped into positive territory on the daily timeframe, reflecting improving bullish momentum. For the rally to have follow through, trading volumes will need to pick up. The Volume Profile Visible Range indicator is declining even amidst rising prices – a divergence that raises questions of the uptrend’s sustainability without greater participation.
Still, the confluence of positives suggests room to run higher from a technical perspective. As crypto markets continue stabilizing and Solana delivers on its promises of speed and scalability, investor interest should continue coming back. The latest relief rally could be just the start of a sustained move upwards.
The post Solana SOL Price: Surges on Technical Boosts and Renewed Investor Interest appeared first on Blockonomi.
November 29, 2023 at 04:47AM https://blockonomi.com/ from Blockonomi https://ift.tt/1vy0YwF
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