The SOL Token is up 6%
The Solana price has surged 6% and is trading at $110.04. This comes after a pump of 23% in trading volume due to a broader market revival, following Bitcoin’s lead.
Market revival and the Lunar Year of the Dragon
The broader market revival follows the lead of BTC, which saw a 3% pump. The market is also rallying due to the Chinese Lunar Year of the Dragon. According to Asian tradition, this year is special and represents strength.
Positive Prognosis for SOL
The Solana price has broken past a key barrier that has previously blocked it at $104.92. This breach suggests a continuation of the intermediate trend. In particular, the Solana price has strong upward support due to the 25, 50, and 100-day Simple Moving Averages (SMA).
Bullish Potential
The position of the Relative Strength Index (RSI) at 65 suggests strong price strength, hinting at a possible extension to the $120.00 level and beyond. Also, Moving Average Convergence Divergence (MACD) is in positive territory, further bolstering the upside potential.
Smog and the Year of the Dragon
With the Chinese New Year celebrations underway and 2024 being the year of the dragon, Smog holders are perfectly placed to benefit from the festive season, drawing in investors from the Asian crypto markets.
Hot Take
In conclusion, the Solana price has seen a significant pump and remains poised for extended gains. The market is rallying amid the Chinese Lunar Year of the Dragon, and with so much optimism, the Solana price and the broader market at large could rally this weekend. It’s a great time to keep an eye on Solana.
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