Solana (SOL) Recovers $20 Amidst Cryptocurrency Patches

  • The current central banking crisis has been favorable to cryptocurrency.
  • A large amount of SOL was transferred to Coinbase by an unknown whale.
  • Cryptocurrency traders are anticipating a surge in the price of SOL.

the Solana The blockchain experienced a bullish reversal after the native cryptocurrency SOL struggled to regain $20 over the past seven days.

The cryptocurrency market has been in a favorable area yet Collapse Silicon Valley Bank (SVB), Silvergate, and Signature Bank. These central banks have earned a reputation for being among the most crypto-friendly financial institutions in the United States

The crisis led to a slight uptick in the cryptocurrency market, with the majority of the top 10 cryptocurrencies being held flipping On an upward trajectory during the past week.

Solana (SOL) struggled to reclaim $20 until March 12, 2023, but has since assumed an upward trend on the seven-day price chart as an effect of whale activity and a change in market sentiment.

Up on SOL?

On March 13, the cryptocurrency transaction tracking service Pisces alert open That a whopping whopping sum of 537,352 SOL (worth around $10.5 million at the time of writing) has been transferred from an unknown wallet to the Coinbase Central Exchange (CEX).

Although the anonymous whale moved a large amount of SOL to a centralized exchange, it appears that the lot was not sold, as there is no significant pullback reflected on the price chart.

Kar Crypto crypto trader partner An analysis of SOL price, claims that the cryptocurrency is entering a bullish “deep crab” harmonic pattern and predicts that SOL is on its way to pumping 10%.

Furthermore, Solana is nearing the end of his current stream Grizzlython Hackathonwhere community members compete for $10,000 in cash prizes by creating mobile Web3 projects first.

The community has been active on Crypto Twitter amid the current upward trend in SOL price, with the Grizzlython Hackathon piling up near 53,000 views within the first ten hours after its publication.

SOL recovered

Amidst borderline crypto market corrections, the price of SOL I backed off From a one-month low on March 10, when the coin opened at $16.48, to a peak of $16.55, it fell to $16.01.

Looking at some of the factors attributed to the 4.66% rise in the one-month price chart, it seems that the market sentiment towards SOL has become noticeable in its price.

At the time of writing, SOL is trading at $20.48, registering a Significant increase of 45.48% From a three-month low of $9.32 on December 9, 2022.

Three-month price chart for Solana.

Three-month price chart for Solana. source: mesari

To reconcile SOL’s position in comparison to the top cryptocurrencies, it has seen the past seven days Bitcoin (BTC) an increase of 10.43% and Ethereum (ETH) It increased by 7.68% in the same time frame.

some members of the community Upbeat That Solana will regain a place among the top ten cryptocurrencies by market capitalization, as it is currently assumed Rank 11according CoinMarketCap.

on the flip side

  • Solana has suffered a lot outages Influencing market sentiment and confidence in network reliability.

Why should you bother

The recent bounce in SOL price indicates that Solana Network is gaining momentum against Binance (BUSD) which is ranked #10 by market cap. A significant rise in the market cap will put Solana below Dogecoin (DOGE).

Read more about the founder of Solana (SOL):
Anatoly Yakovenko: Founder of Solana

Read about recent developments at Cardano:
Cardano (ADA) rises to $0.34 amid DJED and Hoskinson Action

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