Solana is making bullish moves after climbing higher by more than 3% in the past 24 hours, bouncing back after a brief period of weakness saw the price fall back under the key $40 level. At the time of writing, SOL/USDT is trading around $41.10.
Crypto analyst Elliot Wainman recently took to YouTube to share his thoughts on Solana, and he remains optimistic about its prospects in the near-term. He points to technical analysis indicating that the SOL price has been making higher lows and higher highs since the crypto market crash about a month ago, a sign that signals the possible development of an uptrend.
On the fundamentals side, Solana is likely to enjoy support from leading crypto exchange AAX’s interest in its network. The institutional-grade cryptocurrency exchange has announced a $10 million fund towards developing its ecosystem through rewards for Solana project stakers, zero trading fees for SOL, airdrop events and more.
Solana holds much promise as an alternative to Ethereum as it supports fast transactions, capable of handling up to 50,000 TPS, in addition to supporting DeFi and dApps. Recently, it was also in the news for supporting the sale of the first ever US Space Force (USSF) licensed NFT, brought by Star Atlas – a virtual gaming metaverse based on blockchain technology.
Key Levels to Watch
SOL/USDT is showing a strong bullish bias on its 4-hour price chart, enjoying support from moving averages and leading technical indicators MACD and momentum. The price sits comfortably away from the pivot point at $38 and seems poised to continue its climb higher, supported by both fundamentals and technicals.
Keep an eye on the resistance at $44 which is the next point of interest among SOL traders. A break above this can see Solana test the $50 level, but buyers could encounter additional resistance at $49 before they can breakout beyond this point.