Crypto Trader Predicts Solana (SOL) Resurgence
Date: 2024-03-06 Author: Dima Zakharov Categories: BUSINESS
Solana's Upward Momentum
Cryptocurrency trader foresees a resurgence in Solana (SOL)
Amid Bitcoin's (BTC) price dip on March 5th, the cryptocurrency Solana (SOL) appears poised for an upward trajectory.
Bullish Signals for Solana
Solana recently broke out of an ascending triangle formation it had been forming for over two months and "retested it at an uncomfortably deep level, then made a turbo bounce," noted crypto analyst CryptoJelleNL.
Increasing Trading Volumes
In addition to this optimistic price action, the recent activity recorded the best week in terms of volumes on decentralized exchanges (DEX) built on Solana, reaching $11.24 billion from February 25th to March 2nd (Defi Llama data).
Solana Price Analysis
Currently, SOL is trading at $130 with daily losses of 1.4%, maintaining a weekly growth of 16.4%. Over the month, the value of Solana has surged by 34%.
The data suggests potential bullish momentum for Solana, with traders keeping a close eye on its price movements in the coming days.
