B4 Crypto

2024/09/23 21:06

Solana broke the 20-day simple moving average So

Solana broke the 20-day simple moving average


Solana (SOL) fell sharply by 4.21% at the beginning of this week. However, after a period of consolidation, it recovered sharply, rising by 13.01% from September 18 to 21.


This is mainly due to the positive response of the cryptocurrency market to the 50 basis point cut in the Federal Reserve's interest rate, which coincides with the launch of the new Solana mobile phone-Solana Seeker.


Solana closed up 8.76% this week to $149.41.


On September 19, the asset broke through the 20-day simple moving average (SMA). Since then, he has been taller than her. However, the trading volume fell from the peak of 4.409,300 SOL on September 20. This indicates that the rebound may lose momentum.


If the trading volume is still very low, it may indicate a weakening interest in shopping, which may lead to a reversal. The key areas that need attention this week are the support of about $135 (20-day simple moving average) and the resistance level of about $150.


Solana was founded by Anatoly Yakovenko, a former Qualcomm engineer. In 2017, he founded Solana Labs with Greg Fitzgerald, co-founder and colleague of Qualcomm.


Raj Gokal and the development team also helped launch the Solana blockchain in March 2020.

#Meme supercycle upcoming, which one will you hold!#Share Your Thoughts on Popular Assets in March

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