Solana continues its bullish outburst ahead of Solana Trust launch

Solana (SOL) continues its bullish price movement as it rose by more than 8% on the daily candle for Wednesday
Solana (SOL) continues its bullish price movement as it rose by more than 8% on the daily candle for Wednesday

Solana continues its bullish price movement as it rose by more than 8% on the daily candle. This bullish sentiment comes ahead of the launch of the 16th product of Grayscale, the Solana Trust. 

Prices opened Wednesday at $208.52 and reached a daily high of $231.7, following the daily low of $207.8. 

The data from CoinMarketCap shows that the 24-hour trading volume of the token rose by 6.97% and is currently resting at $2.96 billion. As a result, an 8.52% rise in the market cap was also witnessed, which rests at $69.8 billion. 

The weekly chart that opened on Nov 29 shows a 13% overall rise, with a high of $231 witnessed today. On the other hand, the weekly low stands at $199.5. 

In the past 52 weeks, Solana rose from the low price of 1.09 USD to an all-time high of 260.06 USD, from which it is nearly 12.26% shy. 

The adoption of Solana is also on the rise as TheCoinRise reported that Solana’s secondary NFT made record sales.

Solana chart price analysis on the daily chart by TradingView

The daily chart by TradingView shows that the prices are still following an uptrend. Furthermore, the MACD indicator shows that the MACD line (blue) is about to break above the signal line (orange), and a bullish divergence scenario might follow this bullish surge. 

The RSI levels are breaching above the 50-level, and this means that the buying pressure has surged. The MACD histogram that was filled with red bars is now turning bullish.

Solana price chart
Solana price chart TradingView

The prices continue above the 50-day and 100-day Moving Averages, which will act as important support levels on the daily chart.

Furthermore, the bulls are taking over, and prices have entered the upper end of the Bollinger Bands. This is the 5th consecutive bullish daily candle for the SOL token.

Solana price chart
Solana price chart TradingView

The accumulation of SOL token is on the rise, as the A/D indicator below shows an increased inflow of capital into Solana.

Currently the 5th biggest cryptocurrency in the entire market, SOL is aiming to make a new ATH. As per our data, Ethereum is also aiming for a new all-time high.

Solana price chart
Solana price chart TradingView

Solana is a major Ethereum competitor, but as TheCoinRise reported, SOL doesn’t want to kill ETH, said its co-founder.

According to the founder of Real Vision, Raoul Pal, claims that SOL is the ETH of this cycle that the market is experiencing.