The News Crypto -
- At the time of writing, SOL is trading at $73.16, up 15.54% in the last 24 hours.
- If the price manages to go above $78.4 level, then it will likely test $90.2 resistance level.
It is possible that the recent price spike of SOL was caused by the issuance of Jito tokens to users of Solana. The Jito Network airdrop caused the JTO token to surge 88% to a new all-time high of $3.18, much to the delight of the Solana community.
Thanks to consistent trading worth over $1 billion, Jito’s airdrop didn’t lead to a price drop—unlike previous airdrops that often result in tokens being sold off fast and lowering the token’s value. Moreover, several of Solana’s DeFi platforms and NFT markets have seen an increase in adoption in the last few weeks, which is a key indicator of the steady rise in use that has allowed it achieve positive results.
Massive Uptick
Even though SOL consolidated between $60 and $65 last week, it resumed its upward trend today. With a 400% increase in the last six months, Solana has reached its highest price since May 2022, with a recent 15% daily leap to above $73.
Source: CoinMarketCap
At the time of writing, SOL is trading at $73.16, up 15.54% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 112.54%. The price is up 20.18% in the last 7 days and 69.01% in the last 30 days.
If the price manages to go above $78.4 level, then it will likely rally further to test $90.2 resistance level. On the other hand, if the SOL price faces severe selling pressure and goes below $70.9 then it will likely test $68.9 support level.
This article was originally published on thenewscrypto.com
