Solana (SOL/USD) clears above the 50-day MA

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Solana (SOL/USD) hit a 2-month high of $38.7 over the weekend. Strong health benefit This was when Google Cloud announced that it had become Solana validator.

Google Cloud further said that it will continue to work with the Layer-1 blockchain. The partnership will introduce the Blockchain Node Engine to the blockchain in 2023. Solana is now expected to become a paid service for Google cloud services.

In addition to recent developments, there has been an increase in Solana. At the end of September, total transactions on the blockchain exceeded the hundred billion mark for the first time. Of course, this is what happens when Solana enthusiasts continue to express concern over frequent network outages. Growing adoption means investors are looking at real use cases for the announced Ethereum killer.

Elsewhere, Cantering Clark, a pseudonymous crypto analyst, is very optimistic about the SOL recovery. In a note to his 149,500 Twitter followers, Clerc says that SOL is building a multi-month basis. He believes that the cryptocurrency is taking a diagonal resistance and is continuously getting the green light.

Apart from positive fundamentals, technical indicators are showing SOL attempting to break a key level.

SOL Rejected at $37, Another Attempt to Push Higher for Buyers?

Source – TradingView

Technically, SOL was rejected at the $37.6 resistance area. The token attempted a breakout after a strong rally over the weekend. The surge helped the cryptocurrency recover above the 50-day MA for the first time since mid-August.

The MACD indicator is showing bullish momentum for the SOL. However, the momentum has weakened slightly after the SOL price declined by 10% on Monday.

Will SOL go higher?

$37.6 is the major litmus test for SOL. There is already a sign that buyers are rejecting a decline in price below the 50-day EMA. Should buyers remain resilient, we see a confirmation of SOL break above $37.6. it will open a purchase Take a trade and set it for price rise at $42 and main resistance at $47.

Another price rejection at $37.6 could see buyers wait longer for SOL to move higher. If the price breaks below the moving average, a bear market for SOL could continue.

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