After Yesterday’s 10% Spike, Solana Plummets - Forex News by FX Leaders
Solana Bullish, but Bearish Trendline on Daily Chart Keeps Buyers Out

After Yesterday’s 10% Spike, Solana Plummets

Posted Thursday, August 19, 2021 by
Timothy St. John • 2 min read

Yesterday, Solana peaked at $79.83 (SOL/USD), an increase of more than 10% from the previous day. By early this morning, however, it had fallen to $70.06.

SOL/USD

Solana has piqued the interest of many investors with its incredible upward movement recently. On August 12th, SOL was hanging around the $40 resistance level. It passed the $50 level that weekend, three days later, and continued upward. By the next day, it was obvious the bulls had ahold of it, moving it up another $12.

Solana’s Recent Rise

The next day saw another increase, past the $70 level, and analytical articles started hitting the Internet at a spitfire pace about how Solana was the crypto to watch. Wednesday, as Solana was testing the $80 resistance level, investors were wondering how high it would go. Then, it started to drop off this morning as many investors begin cashing in on their profits over the last week.

This could easily spur a selloff trend where the bears take hold of Solana for a while. If that happens, there’s a good chance it will not last, as renewed interest in mainstream awareness of Solana from all this recent activity could cause new investors to take notice and start buying up SOL coins.

What Solana Has to Offer

The Solana marketplace has made NFTs one of its major commodities, with about $10 million USD in NFT sales so far. Additionally, the Solana Foundation that is behind the digital token has begun a partnership with Chainlink Labs to give cryptocurrency traders pricing updates extremely quickly. The goal is to provide updates on pricing as quickly as every 0.4 seconds. Solana is also working to bring in stablecoins through a partnership with Terraform Labs and Tether, allowing dApp (decentralized apps) users to work with these digital assets.

The future is a bright one for Solana it seems, and the digital token is enjoying the highest price it has ever seen. That makes it an outlier compared to other cryptocurrencies, most of which are still recovering from the market crash that occurred in May of this year.

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