Despite the majority of assets in the cryptocurrency sector slowing down their gains from previous weeks, Solana (SOL) continues to march on and defy the pessimistic mood, and certain bullish indicators suggest more advances could be in store.
As it happens, the ‘buy and sell indicator’ for the seventh-largest cryptocurrency is currently demonstrating a massive buy signal, according to the analysis shared by the renowned pseudonymous crypto market expert CoinsKid in an X post published on November 8.
Indeed, observing the chart patterns, Solana’s move from $24 in mid-October this year, when the indicator flipped into green, to close to $43.60 by press time has been nothing short of impressive, especially when compared to the previous buy signal, as the crypto trading analyst pointed out.
Solana price analysis
Meanwhile, the price of Solana presently stands at $43.36, recording an increase of 5.43% in the last 24 hours, adding up to the weekly gains of 10.91% and a whopping 94.72% advance accumulated on its monthly chart, according to the most recent data retrieved on November 8.
It is also important to note that the impressive price gains for Solana have arrived amid crypto wallets owned by disgraced crypto exchange FTX and crypto investment firm Alameda Research involved in the scandal that has landed their co-founder Sam Bankman-Fried in jail, dumping their SOL.
Considering its recent advances, as well as the 334% gain in this year alone, it is increasingly more certain that the widely accepted competitor to Ethereum (ETH) has moved out of the shadow of once one of the largest crypto trading platforms in the world and its former CEO now convicted of criminal fraud and conspiracy.
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