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- 1 Solana (SOL) price surged more than 21% in a week and over 69% in a month.
- 2 SOL’s monthly high was $39.72 and it’s lowest traded price was $21.07.
- 3 Market capitalization of Solana grew over $6 Billion in the last 30 days.
Solana price action shows steady bullish momentum over the past few months. In the weekly time frame, its price surged more than 21.81%, and in a month it surged more than 69%.
Solana (SOL) Price Analysis
However the trading volume and market capitalization of Solana has shown a mind blowing rise in the past 24 hours. Market cap grew 6.94% and trading volume rose 29.64%.
The MACD and signal line are favoring the SOL prices and seem to be roaming in the bullish region. Although the RSI line has entered the bulls region which indicates further surge in price and trading volume.
When writing, Solana was trading above 20,50,100 and 200 days exponential moving average (EMA). In the 52 weeks time frame SOL price peaked at $39.80 and its lowest trading price was $8.00.
In the monthly time frame Solana’s highest trading price was $39.72 and its lowest traded at $21.07. The press time trading price of the token is $39.12 and the next possible resistance that are awaited are $45 & $50.
The digital asset experienced these sharp drops following rumors that FTX, a significant backer of the Solana ecosystem, was struggling. Following the rumors Solana community worked to reestablish the credibility and regain the beliefs of the crypto enthusiasts.
Is Recent Support From Google Behind the Surge?
Google Cloud has extended support to its 20th blockchain network and simplified the access to Solana-based data by integrating Solana with its BigQuery data analytics tool.
Users may query enormous datasets using BigQuery, Google Cloud’s serverless data warehouse with integrated machine learning, artificial intelligence, and business intelligence.
In the past few months, Solana has partnered with dozens of crypto and traditional firms to boost crypto adoption and the credibility of users.
As per Coinmarketcap, Solana’s market capitalization increased by almost $6 Billion in the previous 30 days, from $9.88 Billion on October 2 to over $16.4 Billion on November 1.
According to Santiment social dominance of Solana is up in over 2% of all discussions on the top 100 assets. In terms of market cap SOL is 7th.
When writing, Bitcoin was trading at $34,403.22 with a trading volume of $14,047,664,638. It is important to note that BTC trading volume slipped over 16.30% in past 24 hours.
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 or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
