SOLANA Price Analysis: The Recover has Begun, SOL Based NFT valuated in Billions

The uptrend movement of SOL signifies the bullish dominance of the market. The bears will definitely interfere, and the investors need to be careful.
SOL-based NFT reaches a valuation of billions.
The SOL/BTC pair is at 0.001768 BTC with a gain of 2.09% in it.

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance solutions. One of the essential innovations Solana brings to the table is the proof-of-history consensus developed by Anatoly Yakovenko.

The SOL price is on an uptrend movement over the daily chart after a long time which signifies the bullish takeover of the market. The bears are not just spectators so they will definitely interrupt the uptrend movement. The SOL price surged 44% in 4 days. The coin has good potential so if the bulls can manage the consistency then the coin will recover completely soon. The price is moving above the exponential moving average. The SOL price made a lower low of $34.01 over the intraday trading session.

The current price for one SOL coin stands at $37.21 with a gain of 4.68% in its market capitalization in the last 24 hrs. The coin has a trading volume of 1.9 billion with a gain of 1.44% in the last 24 hrs trading session and a market cap of 12 billion. The volume market cap ratio is 0.1212.

Solana-based NFT marketplace Magic Eden reaches $1.6 billion valuation

Magic Eden, the largest non-fungible token (NFT) marketplace on the Solana blockchain, has raised $130 million in a Series B funding round and is now valued at $1.6 billion.

Electric Capital and Greylock Partners led the round, with Lightspeed Venture Partners and previous investors Paradigm and Sequoia Capital also participating, according to an announcement on Tuesday.

Valuation surge

Investors were attracted by Magic Eden’s fast-growing share of the market on Solana, co-founder and CEO Jack Lu told The Block in an interview.

According to The Block’s Data Dashboard, Magic Eden is currently the third-largest NFT marketplace by trading volumes. It was launched less than a year ago in September.

Conclusion

The SOL price is on an uptrend movement over the daily chart after a long time which signifies the bullish takeover of the market. The SOL price surged 44% in 4 days. Whereas the technical indicators suggest a bullish rally further. Still, the bulls need to be prepared as the bread will not just wait and watch.

Technical levels

Resistance levels: $38.6 and $40.5

Support levels: $34 and $31.75

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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