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Bulls Push Solana Higher: Here’s Why SOL is Set to Prove the Skeptics Wrong

Felix Küster

August 9, 2023

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In recent market observations, Solana ($SOL) has been garnering significant attention from the cryptocurrency community. Some experts believe that the digital asset presents a promising outlook, especially when considering its recent performance metrics.

Despite facing its fair share of skepticism, Solana has showcased a remarkable resilience. Part of the community recalls how the cryptocurrency surged by over +203% since hitting its lowest point in the fourth quarter of 2022. Interestingly, while many were anticipating a further drop in its value, hoping to purchase at rates as low as $1, Solana defied expectations. Others still await the opportunity to buy this “hated coin” at their desired price, but the market has shown no signs of relenting to such levels.

Technical analyses further bolster the positive sentiment surrounding $SOL. The asset recently displayed a bullish setup on its daily charts and experienced a bullish breakout on its H4 charts. These movements are particularly noteworthy as Solana managed to break out from the Fibonacci 50% level and a descending triangle pattern. Such patterns are often indicative of potential upward momentum in the world of technical analysis.

Market watchers have identified the next resistance level for Solana to be approximately $25.5. Some believe that any dips in its value present lucrative buying opportunities. There’s a prevailing sentiment that areas affected by the FTX crash will be reclaimed in due time. As the market continues to evolve, part of the community is keenly observing for potential price rejections around the $27.0-$27.4 mark.

In conclusion, while the future is always uncertain in the volatile world of cryptocurrencies, Solana’s recent performance and technical indicators suggest a positive trajectory. As always, potential investors are advised to conduct their own research and consult with financial experts before making any investment decisions.

Solana (SOL) has been demonstrating a notable performance in the cryptocurrency market. Here’s a breakdown of its price movement over various timeframes:

• 24 Hours: Solana’s price has seen a 5.8% increase in the last 24 hours, moving within a range of $23.20 to $24.69.
• 7 Days: Over the past week, Solana has experienced a 4.6% price increase, with a 7-day low of $22.39 and a 7-day high of $24.64.
• 14 Days: In the last two weeks, Solana has seen a growth of 4.9%.
• 30 Days: Over the last month, Solana’s price has increased by 19.6%.

The current price of Solana is $24.62, according to CoinGecko. With a circulating supply of 405,759,335 SOL, its market capitalization is valued at approximately $9,992,436,924. The 24-hour trading volume for Solana is around $569,989,772.

It’s worth noting that Solana reached its all-time high of $259.96 on November 06, 2021. Solana is 11x lower currently than its ATH. Conversely, its all-time low was $0.500801, recorded on May 11, 2020, marking a significant increase of 4,816.11% to its current value.

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