Developer activity has surged as a result of recent Solana blockchain network advancements, which is viewed as a positive indication for the cryptocurrency and has caused Solana’s price to soar in recent days. Social mentions of the altcoin called the “Ethereum Killer” peaked in January 2023, according to data from cryptocurrency aggregator Lunar Crush, showing rising popularity in the crypto community.
As a result of this resurgence in interest in Solana, daily active wallets have increased sharply and are currently three times greater than they were before the FTX exchange’s demise in November. Since the FTX event, the network has been recuperating from a fall in activity and pricing, but it now seems to be on the ascent once more.
Furthermore, it looks that the recent spike in Solana’s price may not only be due to a rise in user and developer engagement but also to the introduction of a new element to the Solana ecosystem: the BONK meme coin. In the week following its release, BONK, which was modeled after the well-known Dogecoin, has had a tremendous rise of over 3,600%, reaching its all-time high price of $0.000004873759 on January 5.
The cost of SOL as of this writing is $16.23. Can the cryptocurrency keep growing and advance two times near $30?
The price of Solana is presently trading above both its 20-day and 50-day EMAs, indicating that the prognosis for this cryptocurrency is optimistic in the short- to medium term and that another breakout may be probable. It is crucial for the 100-day EMA to be broken above and for a positive alignment of EMAs to be visible, with lower EMAs having precedence over higher ones, in order to further support the bullish increase in price.
SOL has gained a significant 22.77% over the last two days, and yesterday, at 71.94, the RSI reached oversold territory. SOL’s RSI has currently reduced significantly to 69.45 along with the price reduction for today.
On January 1, a bullish crossing took place, and since then, as shown by its histogram, the separation has been steadily expanding. Additionally, the MACD crossed above the zero line, indicating that SOL may have a stretch of consistent bullish momentum in the days to come.
The SOL price finally broke out of its range yesterday, effectively clearing the 50-day EMA and the prior resistance area of $14.58 to $15.11 after settling above the $12.74 to $12.94 support range from January 3 to January 8.
The cryptocurrency is presently at oversold levels and seeking relief to consolidate above the former resistances, which have now become support levels, between $14.58 and $15.11 after witnessing increasing bullish activity for the past two days. SOL’s price has decreased by 2.67% for the day so far, to $16.22. The next immediate goal for SOL is the region of $17.64 to $18.86 in confluence with the 100-day EMA if the price can sustain itself around these levels.
