Solana resumes its bullish trend after several days of consistent downtrend. The last 48 hours are green as the asset climbed from $170.
During the previous intraday session, it peaked at $186 but closed a little lower. It gained 6% and continued the uptrend which is evident in the current session. Nonetheless, it peaked at $194 before and is exchanging a little lower, signifying a more than 3% price change. In total, during the duration of the hike, SOL gained more than 10% in two days.
As always, selling and buying pressure continue to play a huge role in determining the price of an asset. This time, the public interest in the asset is playing to its advantage. A few hours ago, Coinfomania reported that users withdrew more than $200 million from centralized exchanges to wallets in solana. It added that more than 60% of this figures were from Binance. All this happened during the past seven days.
The memecoin frenzy on the coin’s ecosystem continues to fascinate many as they flock to get glimpse of how it works. More activities on its platform will no doubt convert into volatility for the altcoin.
Solana is Billed to Crush Resistance
A look at indicators suggests that SOL is set for attempts at new resistance levels. The most glaring is the Moving Average Convergence Divergence. A few days ago, the 12-day EMA was on a downtrend as it intercepted the 26-day EMA in a bearish divergence.
At the time of writing, the said metric has halted its decline. With its counterpart slightly arched downwards, a bullish convergence is underway with promises of more price increases.
