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Solana Token Surges Nearly 40% In One Week Due To Increased Network Activity
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Weekly Gains Driven by BONK Token Airdrop
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SOL is facing resistance at $14
Solana (SOL/USD) is making a strong comeback after a rough 2022. Repeated hacks, the FTX collapse, and a prolonged crypto winter are just some of Solana’s ills in 2022. Notably, SOL fell below $10 in the FTX crash. , But a return of nearly 40% in one week is sending a statement that investors are not done with the announced Ethereum killer.
According to Austin Federa, head of strategy and communications for the Solana Foundation, SOL FTX is defying the contagion. The network has seen an increase in on-chain activity for users and developers. He says that no projects are migrating from the blockchain, underscoring the strength and performance of Solana.
The latest gain in SOL comes amid increased interest from investors. This comes after the launch of the Shiba-inu-themed BONK (BONK) token. as per latest cryptocurrency news, BONK will be airdropped up to 50% of its supply. Approximately 20% of the airdrop will go to the Solana NFT collection. This development has seen a number of projects integrating the BONK token for use in transacting on NFTs listed on Solana.
SOL price outlook and analysis is approaching resistance
From a technical perspective, SOL is slightly bullish but remains largely bearish. The indicator is moving into the neutral zone, however, indicating that SOL is bearish. Resistance lies at $14, which is slightly below the SOL price.
What next for SOL price?
profit in sol price There are positives after a long bear market. However, $14 will be a test for the bulls. A bullish scenario will prevail if the cryptocurrency breaks above the resistance level. It could see SOL sustaining the bullish swing above $18.
On the other hand, SOL will face the bears at $14. Buyers can also exit at overhead resistance to force a correction. He may see the coin bottoming out at $11 or $10.
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