Analysis

Solana Recovered Back To The $20 Mark With A Gain Of Over 5% On The Day

Key Points:

Solana (SOL) experienced a robust 5% price surge in the past 24 hours, with a 7-day increase of 13.37%, indicating growing buyer interest and liquidity.
Despite a $3.4 billion crypto liquidation approval from the FTX exchange court case, Solana remains resilient, showing a strong recovery.
The coin’s price currently stands at $20, supported by a solid Fib 78.6% level, but potential tests at $18 and $17.3 loom if selling pressure intensifies.

Solana (SOL), the cryptocurrency making waves, has seen a remarkable surge in its price, experiencing a growth of over 5% in the last 24 hours.

Solana Recovered Back To The $20 Mark With A Gain Of Over 5% On The Day 3

With a 24-hour trading volume of $255.3 million, Solana exhibits strong liquidity and a growing interest in trading this digital asset. In the short term, SOL’s price has risen by 0.3%, indicating positive momentum. Zooming out to a 7-day perspective, the coin boasts a 13.37% increase, signifying an uptick in buyer interest over the past week.

Despite the recent approval of the $3.4 billion crypto liquidation by the court, linked to the FTX exchange, Solana’s price remained resilient, showcasing a robust recovery.

The latest data shows Solana‘s price reaching $20, marking a notable gain of 5.03%. This uptick is seen by many as a favorable fluctuation.

SOL price chart. Source: TradingView

Moreover, SOL’s recent support level, the Fib 78.6%, has proven sturdy, as the price has displayed four consecutive green candles from this point. Looking ahead, it is likely that the $20 level will maintain its support in the near term, providing a potential catalyst for further price increases.

In the event of increasing selling pressure, Solana’s price might test the psychological barrier at $18, hovering around the midpoint of its current trading channel. In a more pessimistic scenario, SOL could dip further, potentially reaching the lower boundary of the channel at $17.3.

Solana’s recent positive performance and resilience against market pressures are garnering attention, making it an asset to watch in the ever-evolving cryptocurrency landscape.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.