- Altcoin Sherpa urges traders to start stocking up on SOL in one of his latest tweets.
- The analyst believes in the long-term bullish potential of SOL and predicts the altcoin will perform well in the next bull market.
- SOL’s price was trading between the 20-day and 50-day EMA lines at press time.
It could be a good idea for traders to accumulate some Solana (SOL), according to a Twitter post shared earlier today by the well-known cryptocurrency analyst Altcoin Sherpa. In his post, the analyst shared that he believes SOL could “do well” during the next bull market.
Meanwhile, CoinMarketCap indicated that SOL was one of the few cryptocurrencies that saw its price rise over the past day of trading. The altcoin was also the only one in the top 10 cryptocurrencies that experienced a price increase during this time.
At press time, SOL was worth about $23.10 after a 0.79% price increase over the past 24 hours. This meant that SOL was trading a bit closer to its daily low of $22.87 than its daily high of $23.50.
SOL’s price rise was accompanied by a 29+% increase in its intraday trading volume. As a result, the token’s volume stood at $327,856,934. On the other hand, SOL’s weekly performance was still down by more than 5%.
From a technical perspective, SOL’s price was trading between the 20-day and 50-day EMA lines at press time. This was after the altcoin’s price bounced off of the 200-day EMA line over the past 48 hours. If SOL is able to close today’s trading session above the 20-day EMA line at $23.58, then it may climb to $26 in the next 48 hours.
Furthermore, If SOL is able to break above $26, then it will have a clear path to rise to the next significant resistance level at $38 in the following 2 weeks. On the other hand, if SOL’s price fails to close a daily candle above the 20-day EMA line, it may be at risk of dropping to the $21.45 support level in the next few days.
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