The price of Solana (SOL) has seen significant growth over the past 24 hours, rising by more than 15%. This has sparked interest among investors and raised questions about the cryptocurrency's future prospects.
Attempt to Establish Technical Support
In the last 24 hours, Solana's price rebounded from the $186.92 support level and is now aiming to establish itself above the $213.69 resistance level. Successfully closing above this level could allow the price to test the next resistance at $245.81. A failure to maintain this position could lead to a reload to $186.92.
Technical Indicators Point to a Rise
According to technical analysis on the 4-hour chart, indicators suggest Solana's price might continue to rise. Both MACD and RSI show bullish signs, indicating an increase in buyer strength. The crossing of the MACD lines highlights the onset of a positive trend.
Enhancing Solana Network
The Solana network is under significant computational stress due to the rising interest in meme coins. The Solaxy project plans to aid Solana by providing additional computational power to enhance throughput and lower transaction fees.
The technical analysis suggests a positive outlook for the price of Solana. However, the role of Solaxy in improving the network's infrastructure might play a crucial part in the future success of the cryptocurrency.
