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- 1 Solana trading price rose around 12% in the October 20 trading session.
- 2 Including trading price, trading volume and market capitalization surged in the past 24 hours.
- 3 In the past quarter, Cardano (ADA) price declined by more than 20%.
CoinMarketCap data states that Solana token surged approximately 12.31% on October 20, 2023.
Solana (SOL) Token Price Analysis
Solana (SOL) price reportedly surged around 27% in the weekly time frame and 34.55% in a month. On October 20 2023, SOL token price rose by $2.07. However, it opened at $24.74, marking an intraday high of $27.40.
Market capitalization peaked 12.50%. The token is ranked as 7th in terms of market capitalization. Earlier, SOL was the 9th most traded cryptocurrency, but post the unprecedented surge, it jumped to the 8th position.
Market analysts believe that active bulls in the market are aiming to pull Solana to the mark of $30. However the 52 week high of SOL is $38.55 while the low is $8.14.
The MACD and signal line are giving bullish signals. SOL might break the $30 mark by the end of October. Moreover, the RSI line entered the bulls’ territory. Despite a yearly decline of 6.62%, SOL token is surging across time frames.
The token was above the 20,50,100 and 200 day exponential moving averages. Previously, on Oct 19, the token’s price climbed 6.49% with bulls dominating.
In the past few quarters, Solana has worked to upgrade its network.
In this Rabbit and Tortoise Race, Will Solana Beat Cardano?
In terms of native tokens, SOL is trading above $25 and ADA is trading below $1. When writing, ADA price was $0.2507, with an intraday trading volume of 7.427 Million (Majority buyers).
TradingView data shows that no major movement in ADA trading price was observed in the past one week apart from a 1.83% surge. It is crucial to note that Cardano price declined more than 20% in a quarter.
At the time of publishing, ADA price was above the 20 days and below 50,100 and 200 days exponential moving average (EMA). The MACD and RSI both are reflecting a bearish movement and further decline in the trading price is expected.
In terms of price, ADA is yet to reach the level Soloana token is trading at. ADA all time high is $3.10 while the all time high of Solana is greater than $38.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
