• The solana price is down by 1% today, but has seen a 26% increase in a week and a 71% surge in the last 30 days.
• SOL is exhibiting strong momentum, with its relative strength index (purple) remaining close to 70, and its 30-day moving average (red) rising up to its 200-day average (blue).
• Solana is on the path to recovery, evidenced by its 70% price increase in the past month, and its launch of Solana-based meme token BONK.
Solana is a layer-one blockchain that is currently experiencing a resurgence in price, having seen a 26% increase in a week and a 71% surge in the last 30 days. The altcoin is currently trading at $21.03, down by 1% in the past 24 hours, but still significantly higher than its recent lows.
This resurgence is partly due to the launch of Solana-based meme token BONK, which has attracted a lot of attention and increased the traffic on the blockchain. At the same time, Solana is also benefitting from some of the updates it has been rolling out in the second half of 2022, which have restored confidence in the project and put it on the path to recovery.
The current momentum of SOL is evidenced by its technical indicators. The relative strength index (purple) is close to 70, despite having had a dip a few days ago, while its 30-day moving average (red) is rising up towards its 200-day average (blue). This suggests that SOL may be in the middle of a breakout to a new longer term level.
Given the promising outlook for Solana, traders may be tempted to invest in the altcoin in hopes of profiting from its price increases. However, there are other more profitable alternatives, such as move-to-earn crypto Fight Out. Fight Out is a presale token that offers traders the opportunity to capitalize on short-term gains, while also participating in the development of the project.
Overall, Solana’s recovery appears to be on track, with its recent price increases suggesting that it may soon be on the way to $50. However, traders should also consider other options, such as Fight Out, as these may offer better returns in the short-term.