I am a big fan of Solana. As an asset, it has been very good to me both speculatively and long-term. As you all know, I am a big fan of NFTs. All NFTs of mine sold were through Solana. You may now understand my love for this asset. I confess recent price moves were more than welcome. Nevertheless, the cost of minting an NFT has risen - something unwelcome! Those using ETH certainly understand this sentiment!
Solana has been a tear in recent weeks and went on to surpass USDC. It is now the sixth-largest cryptocurrency by market capitalisation. Over the last thirty days, we have seen a price rise of 162.1%. In addition, we have seen a 36% price rise over seven days. Two days ago, the price dropped to $51.54 but has since recovered to $59.15 at the time of writing. So, are we to expect another storm? Let us look at the charts.
The daily chart shows a strong trend to the upside. There is also a price equilibrium between $39 and $42. This price range may act as support if there is any sudden fall in price. The volume profile indicates that with good momentum, there is nothing to stop the price from rising above the $63 range. One can easily question this as market energy is low at 25. I suppose we will have to wait and see what price action does.
The weekly chart paints a similar picture, but being the higher timeframe with even lower energy at 22 causes some concern. We may yet see the price fall, but as mentioned, the $39 - $42 range may act as support.
We all know that even when the charts say one thing, people's emotions can create an unrealistic asset price. Solana is in danger of just that. The question remains - is there another storm on the way? Maybe. No one knows. Conditions for another run upwards are present. As for if and when it will happen, your guess is as good as mine.
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