- Solana price has shown 11.07% increase in the past seven days.
- The altcoin’s daily trading volume has shown a minor dip of 0.55% dip as per CMC data.
The crypto market has sustained its bullish reversals over the past day as stats indicate. Bitcoin briefly hit the $102K level causing positive reactions within the community. Meanwhile, the past day also saw comments from Bitcoin’s institutional adoption firms – MicroStrategy and Metaplanet. The regulatory sector remained silent with fewer updates.
Notably, one of the leading altcoins, Solana has factored in a modest price increase of 0.42% in the past day. The cryptocurrency, after recent revivals, has managed to climb back to the $200 level. In the last 24 hours, its trading cycle began at $213, followed by a progression to $216 and then consolidating at $214.
According to CMC data, at the time of writing, SOL was trading at $215.18. Stepping back to its weekly chart, the altcoin depicts a bullish week with an incredible 11.07% price increase. At the week’s beginning, it was trading at a low of $187.3.
Meanwhile, the Solana ecosystem has continued to remain active. The ecosystem recently announced a security update in its quantum vault that ensured the safety of its blockchains. The vault would prevent future quantum-based attacks, stated reports.
Will Solana Hit $250 Soon?
On analyzing its short-term price movements and charts, Solana traces a W pattern. This pattern is suggestive of a trend reversal – in this case, from bearish to bullish. Secondly, the altcoin’s Moving Average Convergence Divergence (MACD) signal line stands above the MACD line.
The recent crossover further corroborates its trend reversal suggested by the W pattern. Additionally, an RSI value of 55.91 indicates a neutral market sentiment according to TradingView data.
These indicators suggest that Solana bulls show strong signals of an impending bull run. In such a case, the altcoin can be expected to inch closer to hitting the $250 level and upon further rallies inch closer to its all-time high.
Meanwhile, other altcoins such as XDC and Filecoin have also shown significant price increases in the past few days.
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