Solana Price Aims for the 50 Dollars Mark Amid Ongoing FTX Transfers

Crypto News- In the ever-changing world of altcoins, Solana, often touted as Ethereum’s fierce competitor, stands out as one of the top-performing assets within the cryptocurrency market’s elite top ten. With the SOL price now soaring to $44, the crypto community eagerly anticipates its next milestone of $50, especially as influential players like VanEck recognize substantial opportunities on the horizon.

Solana Price Aims for the 50 Dollars Mark Amid Ongoing FTX Transfers

The recent buzz surrounding Solana hasn’t come without its fair share of market volatility, as is typical for the altcoin landscape. However, what sets Solana apart is its resilience in the face of adversity. Even as the crypto exchange FTX orchestrates massive transfers of Solana holdings to various exchanges, the SOL bulls remain unfazed, effectively absorbing the selling pressure.

According to on-chain data reported by Spot on Chain, FTX and Alameda have collectively moved approximately $40 million worth of Solana to exchanges over the past 24 hours, building upon a trend that has persisted for several weeks. Following a notable market surge, SOL’s price has adopted an upward trajectory, forming an ascending channel pattern. An exciting breakthrough was achieved when Solana shattered a critical resistance level at $28.16, marking a significant milestone not seen since July.

With determination, if the bulls manage to overcome the resistance barrier at $42.50, Solana’s price could regain its momentum and set its sights on the formidable resistance at $46.83. Maintaining a firm foothold at this level may pave the way for an attempt to breach the pivotal $50 resistance, and all signs point to this occurring later in the month.

Adding to the positive outlook, the 50-day Exponential Moving Average (EMA) consistently lends support to the price, hinting at the potential for an impending bullish reversal. However, it’s worth noting that a breach of the rising support trendline could lead to a loss of momentum. In such a scenario, we might see the price testing the support level at $38.77 in the near term. And if the trend takes a more pronounced turn, further downward movement could potentially drive the price down to a lower support level of $33.29 in the coming days.