Solana (SOL) Holds Its Gains While Most Coins Bleed
30 September 2022 - 10:14PM
NEWSBTC
Solana (SOL) has managed to keep most of its gains over the past 48
hours while most coins bled out. The token started yesterday,
September 29th, at $33.25, going as high as $34.34 at midday.
Solana (SOL) suffered a loss in value on September 28th, when it
dropped from $32.85 to $31.74. However, it quickly recovered before
the end of the trading day and has been steadily increasing since
then. The Price of SOL currently sits at $33.72 at the time of
writing. Related Reading: Trade Activity Shows Ethereum Whales Are
Seeking Refuge In Stablecoins SOL Holding On For Dear Life The past
few days have seen most coins in the top 100 drop in value by more
than 10%. SOL is one of the few tokens that have held its ground
during this time. The coin price was off to a rocky start, entering
the new week at $32.1. At a point, it seemed like it would rally up
to $40 when it reached $35.02 on Tuesday, the 27th. However, the
run was short-lived as it fell to $31.77 the next day. Later, the
token left investors smiling as it slowly galloped back up to
$34.34 the next day, September 29th. So far, it has kept a decent
amount of profit for itself and is currently sitting at $33.89.
Gains Amidst Troubled Waters SOL’s performance is nothing short of
impressive, considering how volatile the market has been for other
tokens. It seems like there are no signs of slowing down
anytime soon, either, with the coin still holding strong at above
$33. SOL’s price stays modestly above a crucial support level of
$30, which serves as a good buying zone for traders. For SOL to
trend upward, the price must break over $35, its weekly resistance.
If the price of SOL breaks and remains over $35, it might
significantly rise to the $45-$58 range. Historically, SOL pricing
has found breaking out of this range tough. Based on its
performance in the last three months, it’s likely that SOL will
likely continue to climb higher. Some people are already predicting
the token to go up to $41. An analyst on TradingView noted that a
move in the US market could be a catalyst for SOL to reach the $35
mark. Social Engagement And NFTs Might Just Be What SOL Needs The
past week has been an eventful one for Solana on social media.
According to a recent tweet by PHOENIX, Solana was the
best-performing project in terms of social activity. The token had
a total of 35,100 mentions and 58.3 million engagements across
social media platforms. Related Reading: Uniswap Could Slide
Below Support Zone – No Demand For UNI This Week? But that’s not
all. Statistics from Delphi Digital show an increase in Solana’s
share of NFT trading volume. According to the tweet, Solana’s NFT
volume increased from 7% to 24% in the past six weeks. This gained
traction in the NFT sector can help push SOL beyond its resistance
and into new heights. Featured image from Pixabay and chart from
TradingView.com
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