Should You Invest in Solana Now? Latest Price Analysis
The price of Solana has held to $154 today, representing a 0.5% increase in the past 24 hours as the market consolidates its recent recovery.
SOL remains down by 8.5% in the past week, but is up by 8% in a month and by 560% in the past year.
It has outperformed most other major tokens over this timeframe, giving it the momentum to continue climbing as the wider market strengths its recovery for Monday’s selloff.
Based on its indicators, and based on its stellar fundamentals, now does seem to be a good time to buy SOL, given its undervalued position.
Solana has gone most of the way towards recovering from this week’s losses, with its indicators showing some good short-term momentum.
Its relative strength index (purple) currently sits at 60 and is rising, signalling an increase in buying pressure that has space to intensify.
Not only that, but SOL’s 30-period moving average (orange) is about to climb over its 200-period average (blue), meaning it will form a ‘golden cross’ that can often signal a breakout.
Indeed, Solana should be on the cusp of a breakout breakout since it remains down on its highs for 2024.
Yet the latest data would suggest that, in the very near term, whales are likelier to sell SOL than buy additional quantities of the alt.
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