- The SOL/USD is trading at 179 with a bullish bias, having risen +9.01%.
- Solana’s token has tripled in its value, and now it has a market value of more than $41 billion.
- Forex trading participants may look for a buy trade above the $175 level to target $193 and $202.
The SOL/USD is trading at 179 with a bullish bias, having risen +9.01%. The day before, SOL/USD was closed at $164.308 after posting a high of $166.143 and a low of $137.642. The SOL/USD extended its gains for the second consecutive session on Monday and reached its all-time high. If you are wondering what to expect and where to buy SOL, let’s find out below…
The Solana Price Review
During the past 24 hours, one of the biggest movers on the cryptocurrency market was Solana. It surged by more than 25% over the past day, and in the past week, it surged by 58%. During last month, Solana surged by about 275%, and over the past year, Solana has shown an improvement of 2348%.
Solana’s DeFi and NFT Apps underpin
The Solana cryptocurrency is also known as the biggest competitor to the Ethereum blockchain. It jumped to spot seven among the world’s top 10 largest cryptocurrencies. In about three weeks, Solana’s token has tripled in its value, and now it has a market value of more than $41 billion.
The rising hype around Solana was the faster speed and lower cost of transactions on its network for DeFi and NFT apps where Ethereum dominates. The investors turned their focus to Solana after hoping that it could be a long-term competitor to Ethereum. The rising number of projects being built on the Solana network hugely benefits the tokens associated with them.
Solana is the world’s fastest blockchain, with an average cost per transaction of $0.00025. Many alternative coins, including Solana’s SOL, Cardano’s ADA, and Binance Coin, have surged in recent weeks amid the rising hype surrounding the NFTs. The coins have been growing so rapidly that they have also taken the limelight from Bitcoin and Ether.
The Solana network’s increased adoption. At the same time, the rising popularity of NFT purchases has lately pushed SOL/USD prices to their all-time high level. On Monday, the main driver of the SOL/USD has been rising expectations that Solana will be a long-term competitor to Ethereum, the second-largest cryptocurrency by market capitalization.
Additionally, the cryptocurrency is moving to the seventh rank. Its entry into the list of top 10 cryptocurrencies in the market also played an essential role in pushing the prices higher.
SOL Price Prediction – Technical Levels
Support Resistance
145.919 174.420
127.530 184.532
117.418 202.921
Pivot Point: 156.031
SOL/USD Completes 3.618% Fibonacci Extension – Where to Buy?
The SOL price prediction remains bullish above a support level of $176. On the 4-hour chart, SOL/USD has completed a 3.618% Fibonacci extension at the $193 level. On the downside, a 2.618% Fibonacci correction level of $176 may provide immediate support for the SOL/USD.
A bearish breakout of the $176 support level could push the SOL/USD pair towards the $159 1.618% Fibonacci extension level.On the bullish side, the SOL/USD may find the next resistance at the $196 level, and a bullish crossover of this level could lead the pair towards $202.
In contrast, the $176 support zone breakout could trigger a strong selling trend until the $159 and $127 support levels. On the 4 – hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) holds at the $159 level, demonstrating a bullish trend in SOL.
Accordingly, forex trading participants may look for a buy trade above the $175 level to target $193 and $202. Alternatively, we can place a sell-stop below $174 to target $159 levels. All the best.
Where to Buy SOL/USD?
You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
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