Ethereum rival Solana was a standout star in a heated race for decentralized finance (DeFi). With several integrations, the lightning-fast decentralized applications (dApps) have gained in value and made them more attractive for investors.
Solana’s rally in the crypto market over the past 24 hours has sparked a rush to buy SOL, as the technical and fundamental analysis of the digital asset shows.
The SOL price is rising as the broader crypto market post record gains
The crypto market is over $ 2.66 trillion, up 4.84% in the past 24 hours. While Bitcoin and Ethereum are still in the lead at 46.7% and 18.6% respectively, other altcoins have also contributed significant proportions to the resurgence of the emerging industry.
Solana is up 22.88% in the past 24 hours and is changing hands at $ 191.98. Even more impressive is the weekly profit, which is 26% after a record profit in the broader crypto space.
SOL has a market capitalization of 2.17% and ranks sixth among the most valuable crypto assets by market capitalization. On the valuation front, SOL has rallied as much as $ 97.25 billion in the past 24 hours, reflecting a 22.06% increase in investor money.
Meanwhile, today’s rally reflects the strong potential of the digital asset. SOL rose to a record $ 214.46 on September 4, with the price jump placing it in the top 10 most valuable assets. For the most part, the digital currency has traded in the $ 150 range despite a sharp bearish season that saw the crypto market slump to $ 2.25 trillion in the September lull.
With the crypto market currently on an uptrend, the value of SOL is still expected to break above the $ 200 mark in the coming days. A strong upward push means this could be an ideal entry point to buy SOL and make significant profits.
SOL technical and fundamental analysis
The technical performance of the digital asset shows why this could be a good time to buy SOL. The Ethereum killer is trading well above the 20-day moving average (MA) support price of $ 159.96, showing a strong uptrend. The 200-day MA is even more bullish as the SOL trades above the $ 70.14 support price.
The relative strength index (RSI) of 69.31 means that SOL is trading dangerously close to the overbought region as interest in the digital asset increases.
This could be due to a strong convergence and divergence of the moving average (MACD) at 7.11, which indicates the green trendline indicating a buy-signal.
Aside from the broader resurgence of the crypto market, the Solana blockchain has seen some fundamental results. The Solana Protocol started the IGNITION Hackathon in early October to promote the introduction of blockchain. According to a tweet, 568 projects have been founded so far. This new move is expected to make high-speed blockchain a first choice for development teams.
The next-generation Apricot Finance credit protocol was also successfully launched on the Solana mainnet. The Cross Margin Leverage Protocol enables yield farming of popular digital assets with minimal risk to investor capital. The biggest news yet for Solana this month came in the form of a partnership with the leading centralized crypto exchange FTX in support of the Solana NFT art.
According to the Bitcoin exchange owned by Sam Bankman-Fried, US citizens can now trade, mint, auction and authenticate Solana NFTs on their new marketplace called FTX NFTs.
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About Jimmy Aki PRO INVESTOR
Jimmy is a UK-based economist with outstanding hands-on and face-to-face experience in macroeconomic financial analysis, forecasting and planning. He has refined his skills through a cross-continental activity as a financial analyst, which gives him intercultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him to peek under the global hood to see how the world works.
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