Coin Edition -
- Solana soars to an 11-month high at $36.41, signaling growing investor faith in its potential.
- Rising market cap and trading volume lead to solid demand for SOL, both short-term and long-term.
- SOL’s bullish momentum eyes $40, but overbought signals hint at a potential pullback ahead.
Solana (SOL) has had an upbeat week, with bulls surging from a weekly low of $29.93 to an 11-month high of $36.41. With the cryptocurrency at its highest level since November, investors are demonstrating increasing faith in Solana’s potential.
SOL’s market capitalization and 24-hour trading volume climbed by 9.59% and 166.92%, respectively, to $15.11 billion and $1.45 billion, reflecting the cryptocurrency’s growing interest and activity.
This surge in market capitalization and trade volume indicates considerable demand for SOL, demonstrating that investors are not only optimistic about its short-term success but also about its long-term potential in the cryptocurrency market.
SOL/USD 24-hour price chart (source: CoinStats)
Significantly, bullish dominance managed to influence SOL prices between $35.7 and $32.53 in the previous 24 hours, signaling significant purchasing pressure in the market as investors continue to accumulate SOL tokens.
If the bullish momentum breaks over the $36.41 barrier, the psychological level of $40 might be the next target for SOL. This level would reaffirm the positive attitude around Solana, potentially attracting additional investors.
16 hour Strong $SOL Sell Wall GONE