Fri, February 23

Solana Breaks Above Key Resistance Level, Further Surge Likely?

Solana Faces Significant Selling Pressure as Market Turns Bearish Editors News
  • At the time of writing, SOL is trading at $60.76, up 8.52% in the last 24 hours.
  • If the price manages to go past $65.9 level then it will likely test $88.4 resistance level.

Solana and most altcoins have been riding the current bullish momentum. Late Tuesday, Bitcoin’s price began to climb as Federal Reserve governor Chris Waller signaled a possible economic slowdown and continued inflation moderation, praising the “right spot” for present policies.

Additionally, Waller said that there is a strong case for rate decreases in the coming months if inflation keeps falling. A change in interest rates might cause a shift in the market sentiment as historically seen.

Several liquidity pools on Binance Liquid Swap will be removed by Binance. By December 6, the cryptocurrency exchange intends to delist many prominent liquidity pools, among them is Solana (SOL). Users may effortlessly trade crypto tokens using Binance Liquid Swap and become liquidity providers, earning transaction fees and BNB incentives.

Bulls Dominating

The price of Bitcoin has soared beyond $38,000, while the price of Ethereum has jumped above $2000. The price of Solana has soared by more than 8% in the last 24 hours and more than 85% in the last month, with a peak of about $66. The price found support at $54 level yesterday, and started a fresh rally. Moreover, it broke above the key resistance level of $59.6.

Source: CoinMarketCap

At the time of writing, SOL is trading at $60.76, up 8.52% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 62.77%. If the price manages to go past $65.9 level then it will likely test $88.4 resistance level. On the other hand, if the price goes below $57.6 level, then it will likely test the $56.3 support level.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.