Solana (SOL), the cryptocurrency powering Solana’s high-performance smart-contract-enabled blockchain, saw an impressive $830 million in trading volume on Thursday, according to data presented by crypto analytics platform Token Terminal. This was the second highest daily trading volume in two weeks, second only to Wednesday (15th of February) leading with a volume of $850 million.
Comes with a boom in trading volume solana It has whipsawed on either side of its 21-day moving average (DMA) at $23.0. The cryptocurrency was last trading around $22.80 per coin on Friday, up nearly 2.5% on the day but down nearly 5% from Thursday’s weekly high of $24. Solana has been unable to match the feats achieved by its main rivals this week Bitcoin And Ethereum,
Bitcoin managed to hit a new eight-month high of $25,000 on Thursday, while Ethereum managed to hit its highest since last September at $1,700. Both have since retreated from these heights. solanaMeanwhile, it has not been able to test its recent highs at $26.00s, failing to break solidly above its 21DMA and amid selling pressure ahead of its 200DMA, which is now at $25.24.
Price Prediction – Where’s Next for SOL?
Solana’s The 200DMA, which has acted as a key area of resistance in recent weeks, is not the only thing blocking the path higher. The $26.00-$2700 area is a key area of long-term support-resistance and, if Solana was able to rise above it, it would face significant resistance from the downtrend that has been in play until early 2022. ,
But the broader cryptocurrency market is rallying despite macro headwinds such as Chatter from Fed policy makers Regarding possible return of 50 bps rate hike this week. That resilience, if sustained, could continue to lift Solana. While the cryptocurrency has already made a staggering 180% recovery from its late-2022 low of $8.0 per coin, it remains over 90% from its 2021 record high.
Due to last year’s FTX/Almeida collapse, which triggered a massive capital outflow from Solana’s decentralized finance (DeFi) ecosystem – Sam Bankman Fried’s FTX and Alameda hedge funds were big supporters and users of Solana – still That can weigh heavily on the Solana’s price. , Some claimed that the Solana ecosystem would “die” along with FTX and Alameda. But die it is not. Daily active users remained at a fairly healthy 140,000 on Thursday, according to Token Terminal.
Post-FTX/Almeida pessimism in SOL may well be in place for subsequent pricing, which could be accompanied by a broader crypto rally that could lift the cryptocurrency above key resistance levels in the coming weeks. If Solana can post a meaningful break north of the $30 level, it would open the door for a faster move higher towards the next key resistance area around $39, which represents a 70% upside from current levels.
SOL Alternatives to Consider
As discussed above, SOL may experience decent gains in the near future. But even so traders should always be looking to diversify and may want to consider other high-potential tokens, such as those sold in pre-sales and promising upcoming crypto projects. We’ve reviewed some of the best candidates in this list of the top 15 cryptocurrencies for 2023, as analyzed by the Cryptonews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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