Solana is seeing one of its biggest surges. A look at the chart paints a clearer picture of what transpired. However, fundamentals played a strong role in the current trend.
A few hours ago, deBridge announced a feature that will help Solana users access Ethereum services. The characteristic limits access to only ethereum virtual machine-based blockchain like Arbitrum. Additionally, it does so without adding more security risk that going through wrapped tokens or derivatives brings.
Solana Responds to Positive Fundamental
In response, the asset under consideration saw a significant increase in demand. A look at the 2-hour timeframe shows that the coin is started its major increase at 08:00 UTC. During that period, the coin opened at $16 and flipped $17. During the next candle, it broke the $18 resistance for the first time in more than fourteen days.
However, the next candle was red. This depicts the start of the downtrend that is currently ravaging the coin. It started less than three hours ago with SOL dropping to a low of $17.4. The current candle is depicting no change in sentiment. Nonetheless, the asset dipped to a low of $17.2.
Still on the chart, the Relative Strength Index showed that the coin was overbought a few hours ago. At the time of writing, it is at 67.
