Solana has been attracting attention with its volatile structure in recent days. After the Bitcoin price rose to $30,000 following the ETF news at the beginning of this week, it resisted the downward pressure caused by the denial of the news. The token, which emerged as an Ethereum killer, had dropped to $8 after the FTX incidents in November last year.
Solana Reviews and Current Situation
After the collapse of the FTX exchange over the past year, investors continue to question whether the blockchain network has a future. However, the Solana team continues to ignore this and release new updates, develop new products, and continue to solidify its position and prove its existence.
Frankie_Candles highlighted certain issues in a video he shared. He pointed out that many developments in the Solana ecosystem are happening secretly. An example of this can be shown with the data from DefiLlama. According to DefiLlama, the total value of locked assets in Solana’s DeFi smart contracts increased from $210 million in January 2023 to $331 million in October. In this regard, investors’ eyes are turning to the ATH level that happened in the past. Whether Solana can reach $260 again, which it achieved in 2021, is still being debated among investors.
Will Solana Rise?
Solana’s recovery has been progressing steadily since the beginning of 2023. The 24-hour charts show that bulls are gaining strength. With the support of the bulls, the Solana price traded above $25 for a while. SOL, which has experienced a 6.23% increase, has a trading volume of $709 million and a market capitalization of $10 billion at the time of writing, trading at $24.88.
The first goal of Solana bulls in the coming days may be to maintain stability above the critical price level of $25. Afterwards, they may aim to strengthen the upward sentiment by maintaining this level. In addition, investors can look for new opportunities to enter long positions in SOL as the Moving Average Convergence Divergence (MACD) indicator gives buying signals on the daily chart.
The buying environment was created when the MACD line (blue) crossed above the signal line (red). However, for investors targeting a $30 price, a critical point will be a daily close above $25. Otherwise, if the SOL price remains below $25 for a longer period than expected, traders may settle for their profits and exit. This situation could trigger a drop to $20.
