Solana Glints With 14% 3-Day Rally – Will SOL Keep On Beaming?

Christian Encila

Last Updated: July 8, 2022 11:51 am

2 mins read

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Over the past 24-four hours, Solana (SOL) maintained a strong position above the $35.00 support level and displayed a reversal pattern indicating a rebound.

As of this writing, SOL is trading at $36.86, up 13% in the last seven days, data from Coingecko show. SOL currently has a trading volume of $1,177,991,581, down 24% in the last 24 hours.

The support zone for SOL is between $20 and $30. SOL was in a sideways market for 24 days after it plummeted to the support zone, and ultimately the cryptocurrency began to make a modest reversal.

Solana 3-Day Ascent: Bulls Take Charge

The price of Solana has began a commendable reversal after a disastrous decline in recent weeks. Since the upper low at $31 was written on the final day of June, the bulls have constructed a 14 percent three-day rally starting July 5.

A golden cross of the 8- and 21-day simple moving averages (SMAs) provided the Bulls with a valid entry signal on July 6. At $35, there was a brief liquidity hunt to shake out weak positions.

Traders are currently observing “FOMO” traders who set their original trade’s invalidation level below the SMAs enter the market.

On the daily price chart, the price of Solana is attempting to hold near the ascending trendline. Immediately after departing the ascending curve, SOL has been consolidating within the horizontal range-bound area.

However, the cryptocurrency can return to the ascending curve by registering an exit from the consolidation period.

In this unfavorable climate, the token must also continue its rising momentum in order to rise. As a result, volume indicates that the coin is experiencing short-selling pressure and sellers are attempting to trap the token within the horizontal range-bound area.

SOL total market cap at $12.7 billion on the daily chart | Source: TradingView.com

SOL Poised To Outperform ETH In NFT Markets

DappRadar, a platform that provides information and insights on all existing decentralized applications (DApps), has indicated that, because of its its cheap gas prices and entry restrictions, SOL might potentially surpass Ethereum (ETH) as the main blockchain in the NFT markets.

Despite a fall in the trading volume of other blockchains, notably ETH, DappRadar pointed out that the trading volume of SOL has been increasing.

In its most recent analysis, DappRadar finds that Solana is performing exceptionally well in the NFT market despite the crypto market’s precipitous decline.

In terms of sales volume, Solana also beat other blockchains, according to the research.

Solana and Avalanche emerged as the clear winners with a 21 percent and 15 percent rise in trading volume, respectively, according to DappRadar.

Featured image from Analytics Insight, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.