- The Solana price has registered a significant increase during the ongoing session, with the price currently up by over 9%.
- SOL has been quite bullish since the start of the week, as the price picked up after registering a significant drop on Friday.
The Solana price surged past $220 during the current session, as buyers pushed the price up significantly during the ongoing session. SOL had picked up over the weekend, registering a marginal increase on Saturday before rising by over 4% on Sunday. On Monday, the price continued to push up, rising by 1.71%, and then moved above the 50-day SMA on Tuesday, rising by over 2% and settling at $213 before surging during the ongoing session.
Solana Price Chart Indicates Buyers Looking To Push SOL Above $230
The Solana price had started the previous weekend on a fairly bullish note, rising by 1.11% on Saturday before pushing up by almost 6% on Sunday and settling at $230.57. With the 20-day SMA acting as resistance at this level, the price dropped on Monday, falling by over 6% and settling at $215.83. The price recovered on Tuesday, as it pushed up by 2.81%, but fell back on Wednesday, as it fell by over 7% and settled at $205.88. SOL recovered on Thursday, as it pushed back by 1.94%, but fell back on Friday, slipping below the 50-day SMA after registering a drop of over 8% and settling at $192.73.
Image: SOL/USD daily
The Solana price recovered over the weekend after dropping by over 8% on Friday, registering a marginal increase on Saturday. SOL pushed up considerably on Sunday, as it rose by over 4% to $200.92. SOL continued to move up on Monday, as it registered an increase of 1.71% and then pushed above the 50-day SMA on Tuesday, rising by over 2% and settling at $208.70. The current session sees buyers in control as they look to push the price to $230.
We can see that the Parabolic SAR has just flipped to bullish, indicating that we could see SOL push higher.
Image: SOL/USD 4-hour
The 4-hour Solana price chart shows us that SOL had dropped to $202.04 on the 24th before pushing up to $214.63. However, with the 20 and 50-bar SMAs acting as resistance at this level, the price fell back, dropping to $185.32 on the 26th. SOL could only push up marginally from this level before dropping back to $187.23 on the 28th. The price stayed at this level for the next few sessions before pushing above the 20-bar SMA on the 29th, moving to $200.92. SOL pushed up to $207.06, but due to the 50-day SMA acting as resistance, fell back to $201.95. SOl pushed up from this level, moving above the 50-bar SMA to settle at $215.57 before pushing above the 200-bar SMA and moving to its current level of $226.
We can see that the MACD is currently bullish, indicating that we could see the price push higher.
Grayscale Launches Solana Trust
Grayscale Investments has recently added an SOL-backed trust product to its investment line. The Grayscale Solana Trust will be the 16th product launched by Grayscale. The Solana network is a platform for smart contracts and uses the Solana protocol that relies on Proof-of-History (PoH) as opposed to proof-of-Work and Proof-of-Stake.
During the launch, Grayscale announced that it would make the Trust accessible for subscription by individual and institutional investors. The firm offers other crypto-based investment products that include Basic Attention (BAT), Ethereum (ETH), Bitcoin (BTC), Ethereum Classic (ETC), Zcash (ZEC), Stellar Lumens (XLM), Litecoin (LTC), Chainlink (LINK), Livepeer (LPT), Decentraland (MANA), Filecoin (FIL), Horizen (ZEN), and Bitcoin Cash (BCH). Some of these products are also available via the OTC markets under SEC regulation.
The news is likely to spur the growth of the asset than expected as Grayscale is the largest credible institutional investor in the crypto market and its actions tend to resonate with most other investors that may want to follow suit. This trend was especially noticeable when Grayscale began its aggressive accumulation of BTC and other crypto assets in early 2020.
When new digital products are introduced, the crypto market expands further in terms of its viability as an alternative to the traditional fiat markets.
Solana Price Is Expected To Reach These Levels
Looking at the Solana price chart, we can see that SOL has registered a sharp increase during the ongoing session. If the current bullish sentiment persists, we could see SOL push to $230.