Cryptocurrency News Price Analysis

Solana Might Break The Resistance Mark Soon

Keith Simmons

The Solana market has faced turbulent times in the past months since this bear market. A recent 11% pump had the market to a good start on Sept 7th. Ever since then, there has been an uptrend that has pumped the market.

The price of Solana broke the $33.00 resistance mark when it attained a price of $35.80 on Sept 9th. The price range for the past seven days showed a dip from $30.49 to a pump of $35.80. At the time of publication, the price of sol was $35.57, recording a 7.68% increase.

Activities In The Market

During this uptrend, the trading volume decreased from 1.650 million to 1.280 million as people sold off their tokens. The charts showed consolidation in the market as investors bought and held for a while before selling off. 

There were indicators that not all sold as the market curve didn’t show a sharp dip. However, many held to the current price of $35.80 as of this morning. Investors are still holding even after the uptrend in the market as a result of being bullish.

Reactions to the Market

Good energy in the market showed signs of investors bullish, saying SOL was going over $200 soon. Some commended SOL’s fast and stable transaction rate, saying it would make it soon lead the market.

However, a few attributed this pump to the recent NFT drop (YootsNFT). This NFT caused a lot of trading activities on the SOL Network as people bought into the NFT. This NFT attained a floor price of 110Sol 24 hours after its listing. 

Investors Are Very Bullish

This dip did not deter the whales as they continued investing and pushing past the resistance mark. Reports show that, Solana market stats show a bullish run. The network has more trading activities as people buy and hold to the moon.

Market volatility seems to decrease as a breakout might happen soon. There is a high possibility of SOL surpassing the $33.00 to $35.00 resistance mark soon.  Market indicators show a heavy buy into the market, with investors holding onto their tokens without flipping. 

These next few days would determine if the resistance breakout would cause a major market boom. The last all-time high of the sol was $260.60 in Nov 2021. Speculations project SOL going above this price in the next bull run.