Sunday, February 5, 2023
 

SOL’s Bullish Week Continues With a Fresh 24-Hour Price Gain

  • 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.”

Daily chart for SOL/USDT (Source: CoinMarketCap)

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.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

  • 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.”

Daily chart for SOL/USDT (Source: CoinMarketCap)

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.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

 

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