This crypto flew after Ethereum Classic; Could it eventually become as big as Ethereum? – Sologenic – United States dollar ($ SOL)
Solana (CRYPTO: Sol) is trading higher on Friday amid the cryptocurrency market which is trading relatively higher.
Solana price has exceeded Ethereum Classic (CRYPTO: etc.) In the past two months the price of the coin has now tripled. Solana can perform more than 50,000 transactions per second compared to Ethereum, which is only capable of running about 10-15 transactions per second.
Solana’s stock rose 5.23% to $162.42 on the latest check.
Solana daily chart analysis
- Solana has surged higher and is now trading in what technical traders call a pennant pattern.
- The cryptocurrency is experiencing narrowing highs and lows and is nearing the end of the flag pattern. The crypto could see a breakout and another move if it is able to break the support or resistance of the previous pattern.
- The cryptocurrency is trading above both the 50-day moving average (in green) and the 200-day moving average (in blue), indicating that it appears bullish.
- Each of these moving averages may be a place of support in the future.
- The Relative Strength Index (RSI) has been rising for the past two weeks and is now at 57. This indicates that the buying pressure has outweighed the selling pressure in the past few weeks.
What’s next for Solana?
Bullish traders are looking to see Solana break through the trend resistance and climb higher. If the stock can maintain this resistance level as support, it may be able to see more bullish impulses.
Bearish traders are looking to see the crypto drop below the pattern’s support and start moving lower. If the cryptocurrency can hold without the pattern’s support, it could be vulnerable to a further downward push.
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