Solana Breaks Above the Descending Trendline. Is it Time to Buy

Solana’s Small Drop Today Doesn’t Belittle Its Strong Recent Performance

Posted Monday, August 23, 2021 by
Timothy St. John • 2 min read

This morning, Solana fell 2.64% to hit $72.45 as of this writing. However, it has shown a marked improvement over the last seven days.

Just last week, Solano was testing the $60 resistance level as it continued to fall and rise sharply for a couple of days. Now, it is staying fairly steady above the $70 resistance level, occasionally pushing toward $80 (SOL/USD).

Even though the price is down slightly this morning, trade volume is up by 13.53%. There is over $1.18 billion in Solana coins exchanging hands right now. That’s not too surprising, considering Solana is ranked number ten among cryptocurrencies.

What’s Helping Solana Stand Out

Salona’s steady performance could be attributed to its utilization outside of simply being cryptocurrency coin. The developers behind Solano have created a platform that offers decentralized finance (DeFi) options. It uses a proof-of-history consensus as well as proof-of-stake consensus to operate, and it enables DApp (decentralized app) creation as well.

All of this empowers Solana to see a lot of investment and interest from both mainstream, major traders and independent, smaller scale traders.

Solana is also standing out recently because it set in all-time high record for itself of $78.72. If it is able to push past that $80 resistance level, it’ll set a new record, and its recent strong performance indicates that could be possible very soon. That would help to further establish Solana as a major contender on the cryptocurrency market and increase its mainstream appeal.

That all-time high was very brief, and Solana fell back below that mark quickly. However, the incident was enough to make Solana newsworthy recently and to spark more interest at a time when most of the cryptocurrency market is seen as still struggling to recover from the crash earlier in the year. It’s very likely that this moment for Solona will continue to push it upward, at least for the time being.


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