Should You Consider Buying Solana (SOL) Now?
As the sentiment in the crypto markets rebounds, one of the digital assets registering significant gains early on Friday is Solana (SOL). At the time of writing, SOL/USDT is trading around $30, strengthening by around 9% in the past 24 hours.
While the recovery in leading cryptocurrencies such as Bitcoin and Ethereum has helped overturn the market sentiment and sent most of the digital currencies higher, Solana has received a stronger boost on the back of recent promising fundamental developments.
A Swiss fintech company, Digital Assets AG, confirmed plans to launch its tokenized equity infrastructure on the Solana blockchain. According to the firm’s Corporate Development Lead at the firm, Brandon Williams, “The move from operating on a private blockchain for operating on Solana will offer a lot more efficient, and cost-effective environment for the trading and use of tokenized shares.”
Analysts anticipate that the faster rebound in SOL price from the latest crash is because of the promising real-world applications that its network offers over several existing players, especially in the DeFi space. Solana not only enjoys the backing leading investors such as Coinshares and Polychain Capital but also supports faster transaction speeds and more potential for scalability than Ethereum and other competitors.
Key Levels to Watch
On SOL/USDT’s 4-hour price chart, smaller moving averages as well as leading technical indicators MACD and momentum are signaling a bullish bias. However, the larger timeframe MAs are indicating some amount of selling pressure still in play.
The price sits just above the immediate support level at $30 level and needs to overcome the pivot point at around $36 before an uptrend can be confirmed. Once this happens, buyers will have to encounter resistance at the key $40 level and then at $46 if the bullish momentum strengthens further.
ABOUT THE AUTHOR
See More
Sidebar rates
Add 3442
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals