Crypto News – Solana (SOL) has had an unexpected 24-hour price increase of 6.06%, sending its price up to $21.56 levels.
October 1 Solana Price: Token Dethrones Dogecoin to Rank 8th
Solana has replaced Dogecoin (DOGE) as the eighth-ranked cryptocurrency in the top ten list due to this price increase. Solana’s weekly gains have now increased to more than 9.83% as a result of this move. Additionally, the Ethereum rival has seen substantial growth of around 25% since mid-September.
Sol Price Analysis
The 20-day and 50-day moving averages are already trading above the SOL price on the technical chart. With the MACD line at 0.0515 and the signal line at 0.2471, both of which are placed below the zero line, the MACD indicator shows a bullish crossover, suggesting that the charts’ attitude is favorable.
The 14-day Simple Moving Average (SMA), which is located above the midline, is at 48.89 points, while the Relative Strength Index (RSI) is at 56.15 points. The price of SOL has found support on the 14 SMA, underlining a bright outlook, and this alignment with the SMA implies favorable market circumstances.
In the near future, $22 and $24 may serve as potential SOL price resistance levels. If it breaks through these levels, it might increase to $32 in price. It might begin a downturn, though, and reach potential support levels at $18 and $16 if it fails to hold its current position.
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