Solana (SOL) is regaining its positive momentum and showing applaudable retaliation following a significant sell-off through the first week of September. In accordance with Solanas blockchain explorer, the network has crossed a complete of 96.62 million transactions, in fact it is currently executing over 3000 transactions per second.
It is a little bit of impactful news from Solana to initiate a fresh rally; however, Solana can transform its mood anytime and take up a downtrend.
WHAT’S IN THE OFFING For Solana?
Solanas unexpected fight from the massive sell-off has gained the trust of investors and non-atheists. The network in addition has gained the eye of the crypto community this week as LunarCrushs graph indicates a spike of 13.8% in Solanas social media marketing engagements and a rise of 2.31%in Solanas social mentions during the past a week.
Solana has continued to outperform amid the crypto winter as Messari confirmed that Solana has were able to scale over 2000 nodes. The real reason for this is actually the continuous effort of the Solana team that worked hard to repair the networks problems with downtime.
Goatswap recently launched Solanas first Automated Market Maker (AMM) that may offer users to build up pools to automatically buy, sell, or trade NFTs. Because the transaction fees on the Solana network are relatively low, it causes difficulty in running nodes.
In accordance with CoinMarketCap, Solana happens to be trading at $35, a spike of 9% from yesterday. Solana is presently finding your way through a bullish rally as Sonana investors have already been building buying pressure since 7 September. A solid bullish candle was formed at the support degree of $31, and Solana now aims for an upward movement to another resistance degree of $40.
Solanas low transaction fees attract the NFT market, and investors are always searching for an entry way to create profits. Despite plenty of enhancements in the Solana network, the purchase price graph have not shown traders much promise. However, the technical indicators signal a bullish momentum looking forward to Solana next. Buyers show dominance because the Solana price crossed the 21 periods EMA and 9 periods EMA upside. The later period crossed the former upside, confirming a bullish trend. The relative strength index (RSI) 14 currently sits at 53 levels, indicating a bullish trend too.
Solana can change out to be profitable for a while. Investors and traders should be mindful while buying Solana, because the market can transform its path anytime.