Aaryamann Shrivastava
FXStreet
- Solana price trading at $58 is presently attempting to breach through the resistance level marked at $59.
- A rally is possible, given that SOL is witnessing a resurgence in bullishness.
- Month to date, Solana has witnessed inflows worth $40.2 million, nearly half of what Ethereum has managed to.
Solana price has consistently impressed investors this past year with continued growth. This sentiment has been shared by institutions as well, who have made SOL their most preferred altcoin.
Solana finds institutional backing
Solana has seen inflows worth nearly $3.5 million in the week ending November 24. While this may not seem like much, it is significantly more than the rest of the altcoins’ inflows combined. This $3.5 million was also added to the monthly flows, bringing the month-to-date inflows to $40.2 million.
In comparison, Ethereum noted about $99.6 million worth of inflows in the same time period, making Solana nearly half of the home of DeFi. the other altcoins do not even come close in this regard, with Litecoin noting outflows worth $0.6 million and Ripple (XRP) observing $2.4 million worth of outflows. Only Cardano has noted inflows other than SOL amounting to $2.1 million.
Solana institutional inflows
This shows that when it comes to institutions, Solana is presently the best-performing altcoin with the potential of a long-term rally much higher than other cryptocurrencies.
Solana price at a crucial resistance
Solana price is trading at $57 at the time of writing, testing the barrier marked at $59. This line has been tested as a resistance for a while now. If this line is flipped into a support floor, SOL would be able to rise beyond $60 and mark fresh 2023 highs.
The price indicators are showing potential for an increase, with the Relative Strength Index (RSI) sitting above the neutral line in the bullish zone. Furthermore, the Moving Average Convergence Divergence (MACD) indicators also note receding red bars, suggesting waning bearishness. If the bars flip above the neutral line and observe a bullish crossover, an uptrend momentum would be confirmed.
SOL/USD 1-day chart
However, if the breach fails and bearish momentum picks up, Solana price would positively decline. This would send the altcoin towards $50 and test the support at $46. Losing this line would invalidate the bullish thesis, resulting in a dip to $40.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.