Will Solana hit the $20 level soon after adding 5% to its value today?

2022-11-24 15:32

Solana is currently outperforming the other major cryptocurrencies and could surpass the $20 level soon.

SOL, the native coin of the Solana blockchain, is the best performer amongst the top 20 cryptocurrencies by market cap today. At press time, Solana is trading at $14.03, up by more than 5% in the last 24 hours.

There is no catalyst behind Solana’s ongoing positive performance. SOL had been underperforming in recent weeks after some crypto exchanges, including Crypto.com and Binance, suspended USDT and USDC deposits on the Solana network.

SOL’s positive performance comes as the broader crypto market continues its recovery. The crypto market’s valuation is up by less than 1% in the last 24 hours, with the total cryptocurrency market cap now above the $830 billion mark.

Bitcoin, the world’s leading cryptocurrency by market cap, is trading in the red zone. The price of Bitcoin stands at $16,517, down by less than 1% so far today. Ether, on the other hand, is up by nearly 2% today and is trading close to the $1,200 resistance level.

Key levels to watch 

The SOL/USD 4-hour chart has turned bullish as Solana has been performing well over the last 24 hours. SOL is currently outperforming the broader cryptocurrency market.

SOL/USD Chart By TradingView

 

The 14-day relative strength index of 59 shows that Solana is no longer in the oversold region, thanks to its latest positive performance. The MACD line crossed into the bullish zone a few hours ago, indicating that the bulls are in control.

If the rally continues, SOL could surpass the first major resistance level at $19.19 before the end of the day. However, Solana would need the support of the broader crypto market to break past the $20 psychological level and reach the second major resistance level at $25.77 in the near term. 

Where to buy Solana now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy SOL with eToro today Disclaimer

Bitpanda

Bitpanda is a digital assets brokerage company. It has grown to become one of the most popular crypto exchanges in the world, as it offers a user-friendly interface, it has developed a bunch of great features and it offers a variety of coins to invest in. Bitpanda has also built a reputation for security, and it has never experienced a hack of its data before.

Buy SOL with Bitpanda today

The post Will Solana hit the $20 level soon after adding 5% to its value today? appeared first on CoinJournal.

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