Solana Increased by 13.33%, Will it Keep Increasing?

Over the last day, Solana (SOL) was able to stay well above the $30.69 support level and showed a reversal sign to bounce back. As shown in CoinMarketCap, Solana hovers at $37.19, with a 2.41% increase in the past 24 hours with a trading volume of $1,177,991,580.15, dropping by 27.14%.

Looking at the daily chart of SOL/USDT, SOL is forming a rising flag pattern in the bearish market starting fromMay 12, 2022. The support zone of SOL lies around $20 – $30. SOL turned out to be in a side-way market for 24 days ever since it dropped to the support zone, and eventually, it started slowly making a reversal.

However, the drop of SOL is showing a falling wedge pattern in the daily chart, and the pattern is getting smaller day by day. Although in the 1H chart, the SOL price is above the 200 EMA line, in the 4H chart, it is still below the 200 EMA line and valid for a bearish zone.

According to CoinMarketCap, SOL has 1.39% of the current market and has the rank of 9. Within a week, SOL swings from $31.06  to $37.48. The support level of $20 – $30 can make or break the situation for SOL bulls. We can see that SOL buyers are putting a buying block at $33.77, and they all are hoping to bounce back from the support zone.

Many of the top NFT games use Solana, or SOL, the cryptocurrency that runs on the decentralized blockchain. Solana NFTs, on the other hand, come with low fees and a far more energy-efficient blockchain under the hood. Ever since the start of the SOL price downtrend on November 07, 2022, the price of the NFT games that use SOL has been in a downtrend.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.