Solana is cruising to one of its biggest performances in a while. It started the day at $130 and started an immediate surge. In its uptrend, SOL returned to a high it attained in January 2022. It broke $140 and continued upward and tested the $150 resistance. Although it failed to break the said mark, this was its peak. After it peaked, it retraced to and was trading at $144. This meant it closed with gains of more than 10%.
The most recent hike marks recovery for the altcoin after the massive downtrend three days ago. The price decline saw the asset drop to a low of $110 before rebounding. This came after it broke $140 and hit a high of $143. Nonetheless, it closed with losses of 5% after it found support.
This event made the coin return to normal in the Relative Strength Index. Before the massive dump, it was above 73. Following the decline, it dropped to 62. Additionally, the Moving Average Convergence Divergence also showed signs of a bearish convergence as the 12-day EMA halted its uptrend.
Why did Solana Surge?
The most recent came as no surprise as the entire crypto market is on the rise. Nonetheless, SOL surge was higher compared to other major assets in the top 10. Closing with gains of more than 10% made it the top gainer in the top 10.
One of the reasons for the hikes was several developments in the asset’s ecosystems. Over the last 24 hours, there were announcements of several airdrops tied to the coin’s ecosystem. For example, Kamino, a Solana-based DeFi protocol, said it’ll airdrop its KMNO token in April after taking a snapshot of eligible users on March 31.
Saga also said it will start its airdrop on Solana. To qualify for the airdrops, traders must convert SOL to the said tokens to enjoy this benefit. This explains why the 24-hour trading volume increased by 2%.
