Solana (SOL/USD) could maintain bullishness if this happens

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  • Solana Token Has Added Nearly 50% Value In One Week

  • Profit came during BONK token launch

  • SOL has crossed a resistance and is eyeing higher if it closes above the key area

Organized by FTX For the first time since the crash, Solana (SOL/USD) has recovered above the 50-day moving average. comes as sol price It has gained nearly 50% in the past week, outperforming other major cryptocurrencies at the top. SOL has also recovered above the $15 resistance area, which is expected to propel the buyers further. Fundamentals are also good.

Crypto analytics token Termina shows that daily active users on Solana continued to grow in January. Since the beginning of 2023, the number of active users has increased by 55.9%, or from 56,000 to 160,000. This shows that users have not given up on the declared Ethereum killer, which has had many challenges in the past year. There are reasons for this increase in active users.

Bonk Inu, or simply Bonk, continues to attract fans. Launched a week and a half ago Bonk has been a crypto sensation, with the dog-themed cryptocurrency rising in value by four digits. The token is based on the Solana network. On its Twitter page, Bonk bills itself as “the first Solana Dog Coin, for the people and by the people.” The hype surrounding the launch of this token gave Solana Network airtime and attracted users.

Moving Average Joint Support for SOL

SOL/USD chart by TradingView

Technically, Solana has surpassed an important resistance at $15. The bulls have failed to cross this crucial level since the beginning of November 2022. Also, the price has moved above the 20-day and 50-day moving averages for the first time since November. RSI reading of 72 indicates bullish buying of SOL.

Potential Price Action for SOL

SOL is clearly overbought as shown by the RSI reading of 72, and could correct to the downside. However, we remain optimistic that the bullishness will continue towards the $18 level as the momentum is strong. To sustain the bullish momentum, SOL needs to surpass $18. This could set the cryptocurrency up for a prolonged rally towards the $28 area.

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