Solana (SOL) Price Starts Bull Run Climb Above $20

Solana’s (SOL) price has been bullish since late last week as investors exploited various profitable setups. The highly competitive smart contracts token has skyrocketed 14% over the last 24 hours to trade at $24.41 during the European session on Monday. Sentiment has improved significantly, not only for Solana but also for the rest of the crypto market.

Bitcoin is up 5% to $28,400 with $14.2 billion in trading volume, Ethereum is up 3.5% to $1,735 with $11.2 billion in trading volume, while BNB is trading 3% higher on the day at $220.

The crypto market is generally bullish, with total capitalization soaring 3.4% to $1.16 trillion. Solana ranks #8 among other cryptos with $10 billion in market cap and $915 million in trading volume.

Solana Price Big Picture Hints At Bull Run

Solana has been stuck in a tight range for several weeks, with the upper limit/resistance at $20 and the lower limit/support at $17.5. Besides the apparent lack of volatility, the SOL community had to battle with FUD surrounding the bankrupt crypto exchange FTX.

Since FTX holds billions of dollars in SOL, many believed the exchange would dump the tokens on the market to raise money to compensate its creditors. After causing fear and mayhem in the community, it was later communicated that FTX would sell at least $100 million of SOL weekly, possibly increasing to $200 million later.

Investor confidence in the token has improved significantly over the last few weeks, especially with support at $17.5 holding steady. The most recent rebound also pushed SOL out of the descending trending channel, propping the bullish picture.

Solana’s price also stepped above several key levels, including the range limit/resistance at $20, the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the 200-day EMA (purple).

Traders have continued to back SOL’s rally since late last week with the desire to close the gap to $30. A higher support anticipated above $24 would go a long way to steady the uptrend. However, bulls must defeat the subsequent seller congestion at $28 to prop Solana’s price for the run-up above $30.

Backing this bullish outlook are buy signals from the Moving Average Convergence Divergence (MACD) and the Directional Movement Index (DMI). The former has called upon traders to buy SOL since the second week of September after the blue MACD line crossed above the red signal line.

It is worth noting that the momentum indicator is gradually moving north and has even flipped above the signal line, thus adding credence to the bullish narrative.

At the same time, the DMI, which measures the asset’s direction and trend, shows buyers have the upper hand. If the +DI moves above the -DI line, the path with the least resistance will remain to the upside.

Traders should consider monitoring the DMI as it will likely indicate a trend change. For instance, a retracement starts with the +DI pulling back and crossing below an ascending -DI line.

Meanwhile, the MACD upholds the bullish outlook on the four-hour chart, but Solana’s price will be in danger of retracing to $22 or $20 as long as support at $24 is not reinforced and the immediate seller congestion at $25 stays intact.

The DMI on the same four-hour chart reveals a trend correction in the offing. Therefore, any signs of weakness among bulls could call for profit-booking activities and result in a sell-off.

Promising Solana Alternative To Buy – Bitcoin Minetrix

Solana appears to be at the beginning of a bull run, but the ride won’t be without barricades and significant pullbacks, considering the resistance at $25, $28, and $30. However, investors looking for a long-term project with affordable entry positions may want to consider dollar cost averaging in revolutionary presales like Bitcoin Minetrix (BTCMTX).

This upcoming crypto project introduces a new Stake-to-Mine mechanism that provides an accessible path for crypto users to participate in mining Bitcoin (BTC).

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The project aims to change the game by leveraging its Stake-to-Mine mechanism to make BTC cloud mining accessible to more people. This mechanism runs by having users stake the platform’s BTCMTX token in exchange for Bitcoin mining credits.

The credits earned in this process can later be redeemed for either BTC mining time or a share of mining returns. Mining Bitcoin (BTC) on this platform decentralizes the entire process, thus ensuring security and transparency.

Potential small-scale miners no longer need to put faith and control in third-party platforms. They can stake BTCMTX to earn credits, which are then used to mine BTC.

This innovative newcomer has raised almost $300k within the first couple of weeks, selling BTCMTX via a presale at $0.011 per token.

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