3 Reasons SOL Price Has Risen 30% in Two Weeks – Will the Solana Uptrend Continue?

Solana (SOL) took off on September 13, reflecting the identical motion in the essential cryptocurrency market, led by Bitcoin (BTC) and Ethereum (ETH).

On the day by day chart, SOL’s worth gained greater than 4% to $39, its greatest degree in three weeks. The token’s intraday good points got here as a bullish rally that noticed its worth rise by 30% in simply 2 weeks.

SOL/USD day by day chart. Source: TradingView

Compared to Solana, Bitcoin and Ether didn’t carry out effectively, gaining 16% and 22% in the identical interval. Let’s check out the mixture of fundamentals and technical evaluation that will have pushed SUN to the high.

Fusion of Helium and Solana

On August 30, the essential builders behind the Helium Network, which supplies entry to 5G wi-fi networks that permit customers to develop into social networks, introduced the choice of the authorities emigrate to the Solana blockchain from their chain.

Helium’s builders cited their “want to enhance efficiency and scalability” when contemplating Solana as an excellent match.

SOL is the curiosity and cost system in the Solana ecosystem.

SOL/USD weekly chart. Source: TradingView

The improvement of NFT

The current shopping for interval in the Solana market additionally coincided with the rise in its non-fungible token (NFT) metrics.

In explicit, the variety of NFT markets like OpenSea, Metaplex, and Magic Eden hit about 1.2 million SOL (~$42.8 million) in the week ending 9/11, in response to Nansen’s information. This additionally included a rise in NFT transactions, reaching greater than 1 million data at the identical time.

Solana NFTs weekly quantity is offered with out remark pic.twitter.com/QaPanxpOkv

– Intern Nansen (@nansen_intern) September 12, 2022

The soar in exercise from Solana was seen as one vivid spot in the NFT sector which has been on the decline in current months. For instance, the quantity of buying and selling on the OpenSea NFT essential market has dropped dramatically.

Of all Solana’s NFT collections, the new “y00ts mint t00b” assortment lately achieved the highest gross sales, with HyperSpace recording a mean worth of round $18.45 million per day.

SUN’s technological leap

From a technical perspective, the SOL 30% rally began after testing the historic assist.

SOL/USD has been consolidating alongside two parallel strains since May 23. A bounce to the draw back (assist) is normally adopted by a 58% to 60% bounce to the upside (resistance).

Likewise, the excessive-high quality returns brought on the SOL worth to drop to the decrease ranges proven beneath.

(*3*)
SOL/USD weekly chart. Source: TradingView

With the SOL rebound, its quick-time period technique seems to be on the upside close to $47.50, about 38% above present costs.

The views and opinions expressed listed below are solely these of the creator and don’t replicate the views of Cointelegraph.com. Every buying and selling and buying and selling transfer carries threat, you must do your analysis earlier than making a choice.

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