Technical indicators indicate that Solana’s (SOL), which has increased by as much 13% in the last 24 hour, could benefit from a strong rally this month. The strength of asset’s technical analyst indicates that the asset will continue to gain in the days ahead.
According to Solana’s website, the company has seen a 21% increase in sales over the last month. CoinMarketCap. After settling at $159 the cryptocurrency will surge over the $200 mark. There is room for further ascent from that point.
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Solana’s Bullish Rally Could Take Him to New Year Highs by May
Solana was a subject of great optimism at the start of this year. It was long believed that the network could compete against Ethereum’s decentralized network. Four months in, this has proved to be the case.
In 2024, the asset will have surpassed Ethereum on critical measures. Solana’s (SOL), its native coin, has seen a 13% increase, while May looks to take advantage of an approaching bullish market.
Asst reached a peak of $162 and then settled at $159 A massive rise in the number of investors was also a driving force. Trading volume has increased by 83% in the past day to reach $4 billion. Investor confidence has been bolstered by this asset.
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SOL also saw its market cap soar, reaching $73.15billion. The asset’s positive performance was reflected in this figure, which showed a 13 percent increase from the day before. All eyes now are focused on the direction that this cryptocurrency could go.
Relative Strength Index is flashing 59.30, indicating bullish momentum. It is also trading above its 200-day Exponential moving average (EMA) which shows long-term potential.
The asset could reach $200 if it continues performing this well. Then, all bets will go out the window. The token has been a hot topic among traders who have speculated that it could reach new highs this year.
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Source: watcher.guru