Solana (SOL) stands at a price level of $45, at the time of press. The price of Solana coin has been increasing in the past twenty-four hours while the daily trading volume has fallen 30%. The permission-less blockchain-based on providing decentralized finance solution has been surging amidst the DeFi craze. SOL coin established its all-time high at $49 a week ago. Currently, the cryptocurrency is ranked seventeenth in terms of capitalization in the market.
Solana (SOL) technical analysis
The market sentiment for Solana is bullish with fifteen of the twenty-six technical indicators giving out a signal of buy. Out of the rest, ten indicators are standing at a neutral position with just one indication of sell. The oscillators are neutral while the moving averages are strongly bullish.
A trader has identified Solana crypto in an ascending channel formation. The channel has been under formation since February while the bullish trend of Solana has now been continued for a fifth month on the logarithmic view. The trader has also pointed out towards a flag formation inside the channel. The flag formation makes the price level of $43 as strong support for the cryptocurrency. If Solana is able to hold the support level, there is a good chance of an upward break out from the channel which will lead to higher highs for SOL coin.
Why is Solana (SOL) bullish?
ChainSwap the cross-chain bridge has partnered with the Solana-based automated market maker and liquidity provided Raydium. The partnership will enable ChainSwap towards a bridge from Solana to EVM. The union will also increase the capabilities of Raydium by allowing liquidity creation on the platform. The developments are said to lead the way towards the evolution of decentralized finance by leveraging the power of Solana blockchain.