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- Solana’s native token, SOL price exhibited substantial gains on the daily chart
- The current price of SOL token is $40.12 established on the back of a 10.42% increase in the past 24 hours
- Solana Foundation launched a $20 Million fund to further its expansion in South Korea
Solana technical chart on the daily time frame depicts that the token kickstarted the month of June by enforcing recovery mode. The recovery resumed on account of increasing demand which was a consequence of the network’s establishment in South Korea.
A more detailed evaluation of the daily chart suggests that the SOL price has tackled the critical resistance of $35.83. This particular level is bolstered with the neckline of the double bottom pattern. In addition to it, the price action has taken support above the two critical EMAs. A bullish crossover between the 20 and 40 EMA would facilitate a further rise in momentum.
It appears that the Price Oscillator indicator of SOL has bottomed inside the oversold territory. A bottomed price trend suggests a bullish bias as this indicator assists in identifying the beginning of an impulsive wave.
The volume of (40.61 M) is halfway through the volume of (83.83 M) the 20 period moving average. Within two days, the minimal volume has been modified into moderate volume. An increase in buying pressure would redirect the trend towards the upcoming resistance of $46.
Solana price chart on the 4-hour time frame
Solana price is facing rejection by the 0.786 FIB retracement on the 4-hour chart. While the critical EMAs have projected a golden cross, the price action has teamed up with the RSI oscillator to dictate bearish divergence. It is anticipated that the price trend will grab support above the 20 EMA which is also accompanied by the golden ratio of FIB 0.618 retracement.
A jumpstart from the retracement level which lies at $37 would not only strengthen the momentum but also stimulate an exit from the ascending channel pattern.
The Relative Strength Index (neutral) is gradually heading inside the equilibrium range after projecting bearish divergence inside the overbought territory. While an RSI of 62 is not necessarily bearish, a further decline in momentum is expected.
The Moving Average Convergence Divergence (bearish) is on the verge of transpiring a bearish crossover as evidenced by the declining histogram at press time.
SOLANA Foundation launched a $20 Million Fund to further its expansion in North Korea
It has been reported that Solana Foundation has partnered up with ROK Capital to launch a $20 Million Fund with the intention of expanding Solana’s ecosystem in North Korea.
Solana, typically known as the Etherium killer, has bagged the spotlight quite a couple of times this year. It is established that the financing will promote Solana’s growth in North Korea- the nation with an exceptionally high adoption rate when it comes to cryptocurrencies.
It has been broughtbrought to our attention that ROK capital will utilize the funding to invest in ‘Solana-focused infrastructure projects- including those related to Web3, DeFi, and NFTs.’
With all the excitement taking place in the Solana blockchain, its native token accelerated by 14% subsequent to the latest news.
SUPPORT : $37
RESISTANCE: $41
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
