- Solana is gearing up for a breakout, said a prominent analyst.
- The digital currency is up 2% in the past 24 hours, trading at $144.35.
- The RSI is bearish and the sellers are overall in charge of the current price action.
SOL, the native token of the Solana blockchain, is on the verge of a breakout and the investors in the digital asset should gear up for higher prices in the short term. As pointed out by crypto analyst Altcoin Buzz on social media platform X (previously known as Twitter), a lot of crypto investors are “sleeping” on the “gem” that is SOL.
As per the analyst, once the SOL token makes through the current bearish condition in the crypto market, it will skyrocket and break into an uptrend. The altcoin’s momentum has been severely affected by the recent crashing of leading cryptocurrencies Bitcoin (BTC) and Ether (ETH).
According to the data from CoinMarketCap, the price of SOL at the time of publication stands at $144.35, up by almost 2% in the past 24 hours with significant chances of an uptrend in the short term if the cryptocurrency holds above the current price level. The trading volume of the digital asset surged 12.54% and stands at $3.1 billion while the market cap of the cryptocurrency is $67.5 billion, making it the fifth most valuable asset in the sector.
As reported earlier, Solana blockchain’s popularity is on the rise mainly due to the reliable returns provided by the network. The participants in the Solana ecosystem have reported to make a return of 1% daily , which is might higher than what Ethereum and other competitors provide.
The chart provided by TradingView below confirms that the volume of the SOL token is not high enough to cause a bullish uptrend. However, the price action can be seen consolidating between the $188 and $120 price level and a sideways trend has dominated.
The Relative Strength Index (RSI) reads 44.14 which means that the bears are in charge of the SOL price action currently and there are significant chances of a price decline if the bulls do not take over soon. The line’s gradient suggests slow movement.
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