Solana (SOL) token prices surged by over 14.60% in a week. At press time, SOL was trading at $22.03; it opened trading at $21.29, lowering at $21.21. It hit a high of $22.23 after adding 3.52% intraday.
On July 11, SOL price shot up by over 41.33% through the month. In the 52-weeks time frame, its highest traded price was $48.39, and lowest price was $8.00.
As per TradingView technical indicators, the ongoing movement of SOl tokens is perfect for buying and holding the token for an impressive future profit. On June 10, 2023, SOL reflected a significant decline of 10.11% compared to June 9’s closing price, and for the next few days, it continued the fall and showed an uptrend to the tune of 12% on June 29.
However, relative strength index signals neutrality in the monthly time frame; the exponential moving average is $26.82 indicating selling pressure. Solana’s market capitalization is $8.895 Billion, and its average volume is $1.093 Million.
In the past 30 days, SOL peaked at $22.40, and fell as low as $14.20. Its all-time high was registered on November 07, when it traded at $260.06, around 92% higher than the current trading price.
In terms of intraday trading volume, Solana is ranked 13th and in terms of market capitalization, it is 9th. Chart analysis suggests that SOL price might soon hit a monthly high of $24.00.
The price action showed that bulls made long positions last week and could produce a range breakout. As per the technicals, SOL could succeed in surpassing $24, which would only set off another rally.
Post FTX failure, Solana and other crypto-focused companies have been struggling. Still, in the past few days, SOL price impressed investors by registering an impressive upward movement in the weekly and monthly time frames.
FTX struggled for four days before filing bankruptcy following which SOL lost over 60% of its trading price in the November 7 and 8 trading sessions. Although the Solana community was not directly associated with the Sam Bankman Fried’s failed crypto exchange, the token price was badly affected by rumors.
At press time, Bitcoin was trading at $30,404.14 with an intraday trading volume of $15,075,919,413. In the past 24 hours, trading volume surged over 58%. Earlier, BTC was ranked first in trading volume, but recently Tether surpassed BTC in that metric.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and 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
Source: https://www.thecoinrepublic.com/2023/07/11/solana-sol-price-heading-toward-30-days-high-buyers-dominate/