Today is certainly not a blue Monday for Solana (SOL) as the Ethereum-killer saw a more than 6% price increase over the last 24 hours to now trade at $24.19. In addition to this, the altcoin is also still in the green by more than 47% over the last week.
SOL also strengthened against Bitcoin (BTC) and Ethereum (ETH) by about 4.46% and 3.72% respectively over the previous day. SOL’s 24-hour trading volume, however, is currently down by more than 31% to now stand at $1,640,475,721.
With its current market cap of $8,855,601,487, SOL is ranked as the 10th biggest crypto. This places it right behind Dogecoin (DOGE) which is ranked 9th, and in front of Polygon (MATIC) in the 11th position.
Solana / US Dollar 4h (Source: TradingView)
The founder and CEO of Evai, Matthew Dixon, took to Twitter earlier this morning to share his thoughts on the price of SOL. According to Dixon, SOL’s next target is $26.60 “equating to 2.618x the red A wave”. He added that the price of the altcoin will then likely turn lower from there.
SOL / Tether US 1D (Source: TradingView)
A technical indicator on SOL’s daily chart seems to support Dixon’s belief that the SOL price might make an upward move soon. This is proven by the fact that SOL’s 9-EMA (Exponential Moving Average) line remains bullishly above the 20-EMA line.
The price of the altcoin has also been knocking on the door of the resistance at $24.26. If the crypto is able to close today’s trading session above this level, it could serve as further proof that SOL’s price is ready to rally.
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Source: Cryptocurrency - investing.com
