2021-11-12 09:42:22
Altcoin Update: SOL (Solana)
After hitting its all-time high of 260 on November 6, SOL has since pared some 11%, currently trading within an hourly range of 231.85 and 237.26. Still, SOL has gained over 11,400% over the past year and about 95% over the past 1 month.
Here’s some bit of background. The seemingly unstoppable rise of SOL gets its latest round of success from its increased utility in NFTs and DeFi in general. Solana’s foray into NFTs sucked capital rotation from Bitcoin and Ethereum blockchains into its ecosystem, pushing the total value locked in the blockchain to over $14.5, underscoring the increased utility of SOL.
So, what next for SOL?
Going forward, we don’t really see the “Ethereum Killer” bottoming out. SOL is currently trading above the 50, 100, and 200 EMAs.
The 260 mark is our ultimate resistance level, with a target price of 300 in the short term.
On the downside, here are our support levels
S1 229.52
S2 217.4
S3 200.9
However, for a more reliable bearish signal, watch out for the breach of the rising trendline.
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