- The price has been consolidating lately after failing to break above the $45 level.
- SOL price has increased by almost 73.63% in the preceding 30 days.
Solana’s price has risen from $22 in mid-October to roughly $45 in the last week, gaining widespread attention. The remarkable aspect of this uptick is that it overcame the calamitous FTX crash after effects.
CoinShares has reported that investors have poured $17.5 million into Ethereum, its highest since August 2022. While Ethereum’s massive inflows made it the standout among cryptocurrencies, $11 million flowed into Solana as well.
In comparison to other cryptocurrencies traded on exchanges available to residents of the U.S this year, Solana (SOL) has seen a meteoric rise in trading volume. On October 18th, leading exchange Coinbase intentionally acquired 2.2 million SOL tokens to expand its holdings. In comparison, approximately 4 million SOL tokens have been sold on the popular South Korean exchange Upbit.
Trading in Confined Range
Kaiko, a cryptocurrency analysis organization, has conducted research into the causes of Solana’s (SOL) recent big surge. The research indicates that an increase in network activity, especially in liquid staking token protocols like Jito, has helped accelerate the price of Solana. The price of SOL has increased by almost 73.63% in the preceding 30 days.
At the time of writing, SOL is trading at $40.84, up 0.79% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 19.33%. The price has been consolidating lately after failing to break above the $45 level and finding support at $38.3 on November 3.
A clear breakout above the $45 mark will likely see price testing $46.7 resistance level. Contrarily, if bears move the price below $38.3 level, then it will likely decline further to test $35.7 support level.
