Solana moved upwards over the weekend, aggressively defended the 200-day moving average.
Solana (Sol) rose for three straight days, reaching a high level of $ 210, its highest level since February 5. It remains about 30% below its highest level in December.
Some ecosystems of Solan’s slow recovery were likely to be due to rebounds of tokens. Fartcaoin (Fartcoin) increased by about 30% from its lowest level this month. Similarly, the popcat (popcat) token has increased by more than 80% of its February climb.
Other top performing Solan Meme coins were AI16Z, Cat in a Dogs World, and Comedians, which increased by more than 10%. As CoingkoThe market cap of all coins has increased to more than $ 11.98 billion at the rate of 7.3% in the last 24 hours. These meme coins had a market evaluation of more than $ 25 billion.
Solana has become one of the most successful crypto projects this year as its ecosystem has bounced. Toolminal Data suggests that Solana has earned more than $ 282 million this year, making it the fourth biggest player in the Crypto industry after Tether, Tron and GITO.
Its dex networks such as Radium, Metora, Orca, and Jupiter have continued to achieve market share over the years.
There are also indications that the Securities and Exchange Commission will approve a spot Soul ETF. odds This approval has jumped up to 85%, investors estimated that Trump’s SEC will be different from the previous one.
Solana price analysis
The daily chart suggests that the price of Sol was below $ 190 last week as most of the cryptocurrency crashed. This was an important level as it was on a 200-day exponential moving average.
Bulls are defending the trick below this level as it will be a win for the bear and points to a more negative side. The bull and bear power indicator has moved upwards in the last two straight days.
A drop under the 200-day moving averages will take the risk of moving it below $ 169, at $ 265 of double-top pattern at $ 265. A double-top market has a very popular recession sign in the market.
Therefore, short -term SOL price forecast is neutral for now. If it crashes below $ 169, more negative side will be confirmed, while a clear rapid breakout will be validated if the coin rises above the major resistance at $ 265.
Such a step will recently confirm Vanek’s forecast that the coin will jump to $ 520.
