Prices rise as Buterin shows a soft corner for SOL

Prices leap by more than 17%.
Its BTC valuation reached 0.0007008, rose by 17%.
Price impact due to Vitalik Buterin’s statement.

Ethereum’s developer, Vitalik Buterin, expresses his faith in Solana’s potential and wishes for the community to get a fair chance. The network has always been a rival and was referred to as “Ethereum Killer,” and amid the debacle, was hard punched, which was very well reflected in the prices that fell by face. This news has generated some optimism about the platform’s future, despite the fact that the platform has faced significant challenges in recent months. A recent post also disclosed Helium’s proposal to migrate to Solana by Q1 of 2023.

Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.
Hard for me to tell from outside, but I hope the community gets its fair chance to thrive🦾🦾
— vitalik.eth (@VitalikButerin) December 29, 2022

Here’s what charts reveal

The SOL prices showed a 17.5% intraday jump, with current prices at $11.70. The trading volume plumps by more than 250%, reaching $645.2 million. Prices reclaimed the 20-EMA and aimed for higher ones. If current rates can sustain above $11.75, a sharp breakout may be witnessed, with prices hitting $18.10.

A combination of OBV and volume signals prices can rally further. However, this growth could be the response to the oversold value of the coin and investors accumulating cheaper rates. Thus, assessing the overall bearish trend, the current recovery is most probably a provisional relief rally.

The prices moved sideways and then saw a struggle to break out. The CMF rises above the baseline and shoots up for the uptick in prices. The MACD also records a handful of buyer bars and improving interest. The RSI rises from the oversold zone to the 50-mark, indicating improvement.

The closer look

The smaller time frame suggests prices escalating to higher prices, with rhythmic side movements. CMF also follows the same pattern and forms steps. The MACD records a thread of buyers participating and interest lines skewering the zero-histogram mark from under. The RSI, forming steps, reaches the overbought zone, indicating swamped purchases.

Conclusion

The current rally is assumed to be a temporary relief. For it to recover in a true sense, SOL has to rise by nearly 168.5% to reach above $30 and show retrieval. The long-term recovery is not sensed yet. Investors may look for $14.03 to enter for the $30 price rally.

Technical levels

Support levels: $17.42 and $14.03

Resistance levels: $8.35 and $5.93

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing