Solar (SXP/USD) price has been in a strong performance in the past few days. It jumped to a high of $0.9417, the highest point since May last year. It has jumped by more than 325% from the lowest point this year, giving it a market cap of over $448 million.
What is Solar and why is it rising?
Solar is an upcoming blockchain that uses a Delegated Proof of Stake (DPoS) model. The delegation happens through 53 elected block producers. It is powered by Solar Core, a layer 1 blockchain framework.
Solar’s SXP price has made headlines in the past few weeks. In March, the developers announced the launch of Solar debit card, which is a digital payments card with crypto debit cards and IBAN accounts. The cards, which will be launched this quarter will cost between €7.99 and €14.99 per month.
The other important Solar news is the ongoing the Swipe (SXP) mainnet swap too Solar SXP. Companies like Binance, Huobi, CoinEx, and CoinOne have announced that they will support the migration. The shift will complete in June this year and the developers are providing a giveaway.
Solar price forecast
The daily chart shows that the SXP crypto price has been in a strong bullish trend in the past few days, making it one of the best-performing coins in the industry. As it rose, the coin moved above the key resistance point at $0.5317, the highest point since August 2022.
The coin has jumped above the 50-day and 100-day exponential moving averages. At the same time, the Relative Strength Index (RSI) has jumped above the overbought level. This is a sign that the coin is getting severely “overvalued.”
The coin is hovering at the first resistance of the Woodie pivot point. Volume seems to be waning. Therefore, there is a likelihood that the coin will retreat in the coming days as buyers start taking profits. If this happens, the next key level to watch will be the pivot point at $0.5317.
This retreat is known as a break and retest pattern. If it happens, the Solar price will then resume the bullish trend and retest the year-to-date high.
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