Solana (SOL) displayed a reversal pattern that suggests a rebound and has maintained a strong position above the $35.00 support level over the last twenty-four hours.
According to information from Coingecko, SOL is currently trading at $36.86, up 13% over the previous seven days. The trading volume for SOL is $1,177,991,581, down 24% over the previous 24 hours.
SOL’s support range is from $20 to $30. After falling to the support zone, SOL was in a sideways market for 24 days before the cryptocurrency started to make a small reversal.
3-Day Ascent of Solana: The Bulls Seize Control
Following a disastrous decline in recent weeks, the price of Solana has started a commendable reversal. The bulls built a 14 percent three-day rally beginning on July 5 since the upper low at $31 was written on the final day of June.
On July 6, the 8- and 21-day simple moving averages (SMAs) formed a golden cross, giving the Bulls a reliable entry signal. To shake out risky positions, there was a brief liquidity hunt at $35.
Currently, traders are watching “FOMO” traders enter the market by setting their original trade’s invalidation level below the SMAs.
The price of Solana is attempting to cling to the ascending trendline on the daily price chart. SOL has been consolidating inside the horizontal range-bound area since leaving the ascending curve.
The cryptocurrency can, however, exit the consolidation period and revert to the ascending curve.
The token must maintain its upward momentum in this unfavorable environment in order to rise. As a result, volume suggests that sellers are attempting to trap the token inside the horizontal range-bound area and that the coin is under pressure from short sales.
SOL Is Set to Perform Better Than ETH In NFT Markets
According to DappRadar, a platform that offers data and analysis on all active decentralized applications (DApps), SOL may eventually overtake Ethereum (ETH) as the dominant blockchain in the NFT markets as a result of its low gas costs and entry barriers.
DappRadar noted that the trading volume of SOL has been rising despite a decline in the trading volume of other blockchains, most notably ETH.
In spite of the crypto market’s sharp decline, Solana is doing exceptionally well in the NFT market, according to DappRadar’s most recent analysis.
The study found that Solana outperformed other blockchains in terms of sales volume.
According to DappRadar, Solana and Avalanche were the big winners with increases in trading volume of 21% and 15%, respectively.