-Solana (SOL) has seen a 156% surge in the past few weeks since the year began.
-The 24-hour trading volume for SOL is currently $1,116,020,917.
-The price of Solana is below its 50 and 200-day Simple Moving Average (SMA), indicating a SELL signal.
The crypto world has been buzzing lately with the news of the massive surge in the price of Solana (SOL). In the past few weeks, SOL has seen a 156% rise in its price since the year began, drawing the attention of many investors and traders. The 24-hour trading volume for SOL is currently $1,116,020,917, and the total circulating supply is 370 million SOL.
The price of Solana has been surging since the beginning of the year after bottoming out at its major support at $9.49. According to the Daily Chart, SOL formed a pin bar, which in most cases indicates a trend change. The price had also broken the 50 EMA and retested it before bulls pushed it further to $26.88. Since mid-November 2022, the price of Solana has been below its 50-day SMA; this indicator has been indicating a SELL signal for the past 22 days. The price is on a short reversal, after which we expect the bulls to break the 200 EMA. Currently, the price of Solana is below the 200-day simple moving average (EMA). Since January 17, 2022, or 378 days, the 200-day EMA has indicated a SELL.
The SOL market price has a major resistance at $39.10, which will form the neckline. The bulls need to break this resistance to push the price higher. If the bulls can break this resistance, then the price of SOL may be set to make another set of millionaires. However, we cannot predict the future of the market, so it is always advisable to exercise caution and invest wisely.
Overall, the price of Solana has been on an impressive run in the past few weeks, and the future looks bright for the token. Investors and traders should keep an eye on the market and make informed decisions before investing.