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- 1 SOL Chart; price and volume are giving positive signals.
- 2 Solana price is trading above the key moving averages showcasing bullishness
The approval of spot Ethereum exchange-traded funds (ETFs) in the United States has significantly ignited the cryptocurrency landscape and marks a crucial step forward in cryptocurrency regulation.
A recent research report by different analysts suggests that Solana ETFs might be the next, signaling that other crypto could receive similar regulatory treatment. Moreover, this sparked the curiosity among the investors and traders.
Solana Crypto Price and Volume Rising
The Santiment graph for volume and price indicates that the trading volume has risen over the past few days, and the price has also gone up. The price has experienced significant growth in recent days. Therefore, the price is likely to rise in the long run.
From the beginning of May month, the price and volume keep on rising suggesting a bullish trend
Solana Crypto Social Dominance vs Social Volume
The social dominance and social volume have experienced a downward trend over the past few months, resulting in a negative impact on the price. Additionally, the momentum of Solana’s price could be influenced by shifts in social dominance and volume dominance.
If the social metrics of the coin rise in the upcoming week it may affect the price positively.
Explaining the SOL Chart
SOL is in a bullish phase. The token has maintained its position above important moving averages and continues to extend its gains. It has recently experienced a “golden crossover” and has seen a notable increase of over 20% this month, reflecting a strong bullish trend.
Solana’s cryptocurrency price initiated a significant upward movement from lower support levels by breaking through a major trendline, resulting in a surge towards higher resistance levels.
The SOL token’s price has been following an upward trend, trading above both the 50-day and 200-day moving averages, indicating a bullish market sentiment.
Solana’s cryptocurrency price received significant buying interest and strong support from buyers at the $126 support level. This led to a 50% surge in price to $189, demonstrating the current dominance of buyers in the market.
At the time of writing, the price of Solana’s cryptocurrency (SOL) was $167.59, experiencing a 1.39% intraday decrease, yet still indicating bullish sentiment in the charts. It has shown a monthly return of 19% and a yearly return of 66%, with a market capitalization of $76.08 Million. Analysts are optimistic about SOL’s future price movements and anticipate further upward movement in upcoming trading sessions.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
