Despite Extended Sales, Solana (SOL) Gains 1.41% As Buyers Swarmed Market

Despite the fact that FED is worried about the upcoming spike in inflation this seems to have no impact on the price of Solana (SOL).

Solana (SOL) is currently running bullish as its price is surging and it will continue to do so.

On Monday at press time, bears were able to push the Solan (SOL) price down. However, the crypto token immediately recovered as SOL bulls ran over the bears. Solana has shown stability at around the $14.32 resistance level with a gain of 1.41%.

Experts do believe that if Solana (SOL) somehow managed to maintain its bull run the next resistance level for Solana (SOL) could be above $15 to $16.

Bears originally dominated the Solana (SOL) market, driving prices to a low of $13.63. However, later in the day, a wave of purchasers rushed in and bucked the negative trend, driving SOL prices up till they reached resistance at $14.32.

At the time of writing, SOL is being traded at $14.09.

Moreover, Solana’s (SOL) current market capitalization has increased by 0.70 % around $5,107,296,540.

The cryptocurrency’s trading volume for 24 hours has been recorded at around $322,016,142, which is up by 26.01%. All these indicators show Solana’s present ascending momentum.

As of now the currency’s demand and supply have been equal claimed in an analysis published by Coin Edition.

Furthermore, the price’s upward increase provides credibility to the SOL market’s upbeat tendency.

Another critical factor that has contributed to and pointed out at further bullish trend in terms of Solana’s market price hike is its “Coppock Curve”. The C-curve for Solana is on the rise and moving upward.

As the result, Solana can gain the interest of those investors willing to invest for long-term gains.

The present bullish trend in the Solana (SOL) market is predicted to continue as long as the bulls continue to outpace any bear effort at bringing the price of Solana down.

What’s Backing Solana’s Bulls

Analysts do believe that the main reason behind this sudden bullish run for Solana (SOL) is the rumors claiming that Solana gained increased funds from the investors for the second week for the row first time since the collapse of the FTX exchange.

Solana was dragged down as its prices were severely hit by the Collapse of the FTX and the rumors that Alameda Research firm might also crash.

However, after all these rough runs, Solana has finally shown signs of stability at around $14. The fact that over the past few weeks Solana (SOL) has strongly focused on its investment products.

For last week Solana has attracted funds worth $200,000 from investors. This has helped Solana to gain investors’ and market interest.

This is the first time that Solana wallet has been seeing a constant rise in its inflow since the demise of FTX.

FTX collapse disturbed the stability of the market by creating massive volatility. As a result of this volatile nature of the market, there was a strong rally of selling as the whole market was dominated by high selling pressure.

But the second Week of December has certainly injected hope into the market as the Market is experiencing the mix trends.

First, Bitcoin has retained the resistance level at $17k and now Solana is stable at around $14 means investors are now focusing on buying.

Solana has anticipated the right time by focusing on its investment products to attract lucrative sums from investors.

If Bitcoin and Solana managed to show the current stability for some long run of time the market will see more and more investors investing in them.

This is the right time for investors to invest in Solana’s investment products as the price is expected to be on the rise for days to come.  Despite the fact of market volatility, cryptocurrencies are showing a combination of bears and bulls.

Leave a Reply

Your email address will not be published. Required fields are marked *