- SOL’s price printed double-digit gains over the last 24 hours.
- The altcoin’s price is now up more than 60% in the past week.
- Twitter user, Bluntz, believes that SOL may experience a 25-35% correction in the coming weeks.
The price of Solana (SOL) has printed double-digit gains over the last 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, SOL’s price is up 20.89%, pushing its price up to $16.06. This has also boosted its weekly performance to more than 60%.
SOL’s strengthening against the US Dollar has been accompanied by gains against both of the crypto market leaders. At press time, SOL has strengthened against Bitcoin (BTC) by 19.30% and against Ethereum (ETH) by 16.96%. SOL’s price has, however, retraced slightly from its daily high of $16.43.
The Ethereum-killer’s remarkable upward move over the last 24 hours can be attributed to the surge in the SOL’s daily trading volume. Currently, SOL’s trading volume for the day stands at $1,207,736,730, which is a 355.87% increase compared to yesterday’s trading volume.
A crypto analyst on Twitter, who goes by the name of Bluntz (@SmartContracter), tweeted his forecast for SOL’s price in the coming weeks. According to the tweet, SOL’s price has risen 112% from its lows. This is “a clear V reversal 5 wave impulsive move,” the analyst tweeted.
The analyst believes that SOL’s price will experience an “abc” correction, which will see it retrace by approximately 25-35%. The tweet concluded that the correction in the coming weeks will “likely be a dip to buy.”
Looking at SOL’s daily chart, its price is currently trading above the 9-day and 20-day EMA lines, and has been able to flip the resistance level at $13.73 into support. The relative positions of the 9-day EMA and the 20-day EMA lines, as well as the RSI indicator, as both signs of a continuation of the current bullish trend.
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