The decreasing upward momentum in the price of the leading cryptocurrency, Bitcoin (BTC), has triggered a sudden supply pressure in the altcoin market, including Solana. On February 15th, the price of SOL fell from $118.5 to $105, recording a loss of 11.3% in three days.
Solana’s Comeback
However, this pullback, supported by decreasing volume, suggests sellers’ weak conviction and the possibility of a temporary retreat. Could the current downturn be an opportunity? Solana ignited a new rally with a successful rebound from the $79 support level at the end of January. The positive turnaround suggests that buyers have been accumulating this token at a low level.
An important sign of an uptrend is also the token’s 43% increase, now trading around the $113 level. This recovery, supported by occasional pullbacks and increased volume, could reflect sustainable growth and buyers’ potential to extend the current uptrend. Additionally, Solana’s recent partnership with Filecoin indicates a significant shift towards decentralized storage solutions, greatly enhancing the blockchain’s reliability and scalability.
Solana’s New Partnership
This collaboration allows Solana to benefit from Filecoin’s decentralized storage network, providing data redundancy, scalability, and enhanced security for its users. The integration could improve the accessibility and ease of use of Solana’s block history for infrastructure providers, indexers, and anyone needing access to past blockchain data. This strategic move highlights the increasing synergy between blockchain networks.
It also demonstrates a collective effort towards creating more robust and resilient digital ecosystems for both users and developers. With continuous buying, Solana’s price could increase by 10%, reaching the cup-and-handle pattern’s neckline resistance at $124.5. This is a crucial point for Solana, as a potential breakout could signal the token’s escape from approximately two years of accumulation.
