Solana SOL’s Price Gains Momentum, Showing Positive Shift from Bearish Trend
Solana SOL’s price has seen a significant increase, breaking above $21.6 and marking a 10% rise from the week’s low. Today, SOL’s price is $21.48, depicting a 7% increase in the last 24 hours. However, the sustainability of this rally remains uncertain due to the market’s heightened volatility.
Main Breakdown:
- SOL’s price has been on a bearish trend since August 18, with increased selling pressure pushing its value down by 12% in the past 30 days.
- Despite multiple attempts by the bulls to recover, the bears exerted greater pressure, resulting in an 8% price decline over 14 days.
- However, the bulls gained control on August 29, leading to a 4% price gain over 7 days and a significant increase in SOL’s 24-hour trading volume.
- The market outlook shows SOL slightly above the 200-day Simple Moving Average but below the 50-day SMA, indicating a long-term bullish trend with resistance at the 50-day SMA.
- Support levels for SOL are at $20.05 and $19.32, while resistance lies at $25.51.
Solana’s Possible Cooperation with Shopify Could Boost Market Value
Shopify plans to integrate Solana into its digital payment system, following the integration of stablecoin USDC. This adoption by leading marketplaces like Shopify and eBay can potentially skyrocket SOL’s market value.
Wall Street Memes Pre-sale Draws Attention with High ROI Potential
Wall Street Memes ($WSM) is gaining traction in the crypto space with its aim to revolutionize the meme crypto sector. The project’s connection to the famous Wall Street Bulls NFT and its staking scheme for price stability have attracted investor interest. The pre-sale has raised over $25 million, with $WSM expected to list on tier-1 crypto exchanges in September.
Hot Take:
Solana SOL’s recent price gains indicate a positive shift from its bearish trend, but the market’s volatility poses a challenge to its sustainability. The possible cooperation with Shopify and the growing interest in Wall Street Memes ($WSM) highlight the potential for increased market value and opportunities for crypto investors.
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