Solana Increased by 42.21%, Will it Keep Increasing?

Over the last day, Solana (SOL) was able to stay well above the $15.23 support level and showed a reversal sign to bounce back. As shown in CoinMarketCap, Solana hovers at $24.09 with a 42.21% increase in the past 24 hours with a trading volume of $2,402,778,515, increasing by 157.54%.

Solana price

SOL/USDT 4H Chart  (Source: TradingView)

Looking at the 4-Hour chart of SOL/USDT, SOL broke out of the range bound market in the bearish market. The support zone of SOL lies around $15.23. SOL turned out to be in a side-way market for 3 days ever since it rose above the 200-day moving average, and eventually, it started slowly making a reversal. 

However, the increase of SOL is showing a breakout of the symmetrical triangle pattern in the daily chart followed by the Bitcoin rally.

According to CoinMarketCap, SOL has 1.39% of the current market and has the rank of 10. Within a week, SOL swings from $12.92  to $24.12. The support level of $12-$15 can make or break the situation for SOL bulls. We can see that SOL buyers are putting a buying block at $15-$17, and after that, SOL bounced straight to above $20 with a single candle wick.

Many of the top NFT games use Solana, or SOL, the cryptocurrency that runs on the decentralized blockchain. Solana NFTs, on the other hand, come with low fees and a far more energy-efficient blockchain under the hood. Ever since the start of the SOL price downtrend on November 07, 2022, the price of the NFT games that use SOL has been in a downtrend.

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