The price of the Solana cryptocurrency (SOL) has been following the decline in cryptocurrencies in the general market, reaching a low of 9.0% in the last seven days. However, the market’s largest asset could be preparing for a significant breakout in its price.
In a recent analysis, cryptocurrency specialist Jelle noted on February 23 that the Solana token currently appears to be preparing to surge higher, analyzing that its 50-day exponential moving average (EMA) has managed to reach its price, displaying a buy signal.
“Either way, $SOL looks ready for the next leg up. The 50-day EMA reached the price, with higher lows being printed again. Break $125 and all bets are off,” the analyst wrote.
Either way, $SOL looks ready for the next leg higher.
50-day EMA caught up to price, higher lows being printed again.
Break $125 and all bets are off. pic.twitter.com/uVTdi5azev
— Jelle (@CryptoJelleNL) February 23, 2024
At the time of publication, the price of Solana was quoted at US$101.77, up 2.8% in the last 24 hours. During this period, the cryptocurrency had a trading volume of US$1,949,178,004.
It is worth remembering that SOL registered very significant increases in February. Faced with impressive growth, the Solana (SOL) cryptocurrency reached a very significant milestone on February 14th. Briefly, SOL overtook the BNB cryptocurrency, managing to occupy fourth place among the largest cryptocurrencies by market capitalization.
Furthermore, Solana’s growth even surpassed that of Bitcoin by showing an increase in its price of 20.3% in one week.
Even with the drop shown in recent days amid the market slowdown, Solana is still registering an increase when looking at the monthly growth of the fifth largest asset. The price of the SOL token has appreciated by 18.1% in the last seven days.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/criptomoeda-solana-se-preparando-para-decolagem-entenda/
