Solana (SOL) closes the week with a rise of almost 25%

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Recovery of Solana (SUN) after the crash of FTX it can only be considered impressive, since it has not stopped going up. When talking about rising value, Solana (SOL) witnessed a up from an impressive 76% last month, and 25% this week. The cryptocurrency previously reached the $8.14 mark in December 2022. Since then, the coin has experienced a large rise, mainly as a result of the introduction of BONK. BONK can be considered as the only memecoin from the Solana chain that competes with DOGE and SHIB.

The main question that arises, as a result, is whether the increase is short-lived or here to stay. 2022 was considered a difficult year for Solana (SOL) as the cryptocurrency saw a large drop in value after a major backer went bankrupt. Despite this huge setback, a glimmer of hope was seen with the introduction of BONK. The memecoin was launched in December 2022 and shortly after that, the token price skyrocketed 34% in the first 48 hours alone.

At the time of writing these lines, Solana (SOL) is trading at almost $21.10. Although the coin is down 0.52% as of today, has managed to increase 27.55% in the last 7 days. Similarly, Solana (SOL) has a total market capitalization of $7 billion. It is evident that the cryptocurrency is forming a bearish inverted hammer after suffering losses for 2 days in a row. Ultimately, this suggests that the coin could still be trading lower.

SOLANA (SUN)- WHAT’S NEXT?

It is quite evident that the token has been continually consolidating around the $20 mark. Similarly, it has also been trading above its 20, 50, and 100 day EMA. This makes it clear that the short-to-long bias for Solana (SOL) remains bullish. When talking about the volume and price of the coin, it is easy to deduce that the trading activity is still on the lower side. Similarly, the breakdown is stripped of any possible support as well.

As of today, the price of Solana (SOL) is in the retraction phase. Investors and traders may be cautious as the price is expected to decline in the coming days. However, this would only happen if the cryptocurrency market came to a complete halt.



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