Solana token has gained by virtually 40% in a week as community exercise surge
The weekly gains have been impressed by the Bonk token airdrop
SOL faces resistance at $14
Solana (SOL/USD) is making a sturdy return after a troublesome spell in 2022. Frequent hacks, FTX collapse, and a extended crypto winter are a number of the ails of Solana in 2022. In explicit, the FTX crash noticed SOL fall beneath $10. But a return of almost 40% in a week is sending a assertion that traders aren’t completed with the proclaimed Ethereum killer.
According to Solana Foundation head of technique and communications Austin Federa, SOL is defying the FTX contagion. The community has seen rising on-chain exercise for customers and builders. He says no tasks are migrating from the blockchain, underlining Solana’s strengths and efficiency.
The newest gains in SOL come amid elevated investor interest. That comes after the launch of the Shiba-Inu-themed Bonk (BONK) token. According to the most recent cryptocurrency news, BONK might be airdropped for as much as 50% of its provide. About 20% of the airdrop will go to Solana NFT collections. The growth has seen a number of tasks on Solana combine bonk tokens to be used in transactions on listed NFTs.
SOL price outlook and evaluation approaching resistance
From the technical outlook, SOL is barely bullish however largely bearish. The indicator is approaching the impartial zone, though it reveals SOL is bearish. Resistance lies at $14, barely beneath the SOL price.
What subsequent for the SOL price?
The gains in SOL price are constructive after a extended bear market. However, $14 might be a take a look at for bulls. A bullish state of affairs might be bolstered if the cryptocurrency breaks above the resistance degree. That may see SOL preserve the uptrend to $18 and past.
On the flip facet, SOL will face bears at $14. Buyers can also exit on the overhead resistance to power a correction. That may see the token retest the $11 or $10 backside.
Where to purchase SOL
eToro
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Public
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