Why Solana Price is up 5% at $38 - Should You Buy SOL Today?
Solana (SOL) has risen by 5% today relative to its 24-hour low, moving from USD 36.82 early this morning to USD 38.67 as of writing. Its current price also represents a 20% jump in the past week, according to CoinGecko, as well as a 19% increase in the last 14 days.
These moves make SOL the tenth-best performing cryptocurrency in the top 100 in the past week, behind such tokens as EVMOS, APE, XRD, ATOM, HNT, RPL and RVN. They also stand as something of a turnaround for the altcoin, which has had a difficult 2022, with a fall of 85% since the all-time high of USD 259.96 it set in November 2021.
But with Solana looking forward to a number of important developments, including integrations with Helium and Hivemapper, it looks like imminent expansion and evolution is pushing its native token upwards, and helping it make up for lost ground.
While SOL does remain down by 17% in the past month, it's also up by around 35% in the last 90 days. Importantly, its technical indicators reveal a regathering of momentum, with its relative strength index pushing above 60 today and closing in on 70.
It's also worth pointing out that SOL's 30-day moving average (in red above) remains below its 200-day average (in blue). This indicates that it's still waiting for a rally, and with its RSI shooting up now, such a rally may arrive soon.
This suspicion is heightened by SOL's fundamentals, which have been strengthened by increasing adoption of Solana. In particular, it seems that decentralized wireless infrastructure platform Helium is about to migrate to Solana, pending a vote by its community.
This vote closes in roughly eight and a half days, at which point the market may witness another SOL rally, assuming a positive outcome. Yet this isn't the
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