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Will SOL Hit New Price Peaks in the Near Future After an Uptrend of 5.2% In the Last Month?

02/21/2023
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The general crypto market has weathered the storm and has rallied with a 0.06% increase over the last day. Solana’s token, SOL, has also surged in tandem with the market, experiencing a 5.2% uptrend over the last 30 days. Will the digital asset keep up its momentum and hit a new high soon?

Solana is a highly functional open-source project that aims to achieve high transaction speeds without sacrificing decentralization. The Solana protocol is intended to make creating decentralized applications (DApps) easier. It seeks to increase scalability by adding a proof-of-history (PoH) consensus and the blockchain’s underlying proof-of-stake (PoS) consensus.

Solana enjoys interest from both institutional and small-time traders due to its unique hybrid consensus strategy. The Solana Foundation places a lot of emphasis on expanding access to decentralized finance.

SOL, the native currency of Solana, is used to pay transaction fees and for staking to maintain the network.

Invest in SOL and Take Advantage of Its Bullish Streak

The broader crypto market is rallying, with a 0.06% increase over the previous day. The fact that some digital assets, like SOL, have continued to rise alongside the market is fantastic news for investors.

SOL_1D_graph_coinmarketcap

SOL has been on a steady uptrend. At the time of this writing, the digital asset trades at $26.93. This implies SOL has seen an increase of 14.01% in the last 24 hours, 25.5% in the last seven days, and a 5.2% increase in the last 30 days.

screenshot-www.tradingview.com-2023.02.20-09_31_45

Looking at SOL’s technical analysis, the digital asset is currently bullish. SOL has breached the 50% Fibonacci retracement at $24.50% and could see resistance at the 61.8% retracement of $29.15.

SOL trades above the 50-hour simple moving average (SMA) indicator in the short term at $21.34. However, the long-term SMA indicator of the 200-day stands at $43.89, which is not too far off from the current price. A sustained market rally could see the crypto asset break through most of these indicators, so investors should keep an eye out for SOL performance.

The moving average convergence and divergence (MACD) value shows a sell signal. However, the crypto asset’s Relative Strength Index (RSI) is 63.81, indicating that SOL trades in the underbought region.

The broader market rally and the steady uptrend of the SOL token are opportunities that investors may want to take advantage of.

Helium Network Intends to Migrate to the Solana Blockchain

The communications protocol, Helium Network, has chosen March 27 as the target date for its transfer to the Solana blockchain and the deployment of Oracles. This is to boost both its scalability and dependability.

According to a blog post published on February 17, the current version of the Helium blockchain will be suspended on March 27. The changeover period will last 24 hours, and data transmission, as well as proof-of-coverage procedures, will not be hampered in any way.

A working committee made up of volunteers from the community is now being formed to oversee the relocation procedure.

Before Purchasing SOL, Consider These Two Assets

The analysis of SOL above has shown that the digital asset has a lot of potentials. However, investors should be aware that other value-driven altcoins might offer gains. Also, they have the opportunity to be early adopters because a number of these coins are currently in the presale phase.

One such is C+Charge – a crypto startup creating a peer-to-peer (P2P) payment system for electric vehicle (EV) charging stations using blockchain technology. C+Charge believes a swift switch to EVs is important for a sustainable future.

The project economy is powered by the C+Charge token, $CCHG. The third of C+Charge’s eight planned presale phases has begun, and more than $1.28 million has been raised. Interested investors can now purchase the token for $0.016.

Another profitable altcoin is Fight Out – a Move-to-Earn (M2E) blockchain and Web3-powered platform that incentivizes users to complete fitness tasks.

The Fight Out website has a countdown to its presale, and investors have only 6 hours to buy the token at the presale price of $0.02343. Once the time elapses, the price will increase until it reaches a maximum price of $0.0333 when the presale ends on March 31, 2023. Fight Out has raised over $4.41 million in investment as of press time.

Fight Out (FGHT) – Move to Earn in the Metaverse

Fight Out token
  • CertiK audited & CoinSniper KYC Verified
  • Early Stage Presale Live Now
  • Earn Free Crypto & Meet Fitness Goals
  • LBank Labs Project
  • Partnered with Transak, Block Media
  • Staking Rewards & Bonuses

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Source: https://insidebitcoins.com/news/sol-price-prediction-will-sol-hit-new-price-peaks-in-the-near-future-after-an-uptrend-of-5-2-in-the-last-month