Solana was launched in 2020; after that, it showed a mind-blowing performance the very next year. It emerged as the ‘Etehreum Killer’ just a few months after launch. Now it is gaining popularity in Defi, NFT and gaming sectors. And hence, the SOL price is ready to skyrocket.
Some good news about Solana is making the bullish run easier. A Solana-based startup has raised $4.3 million from leading venture capital firms. The concept of the metaverse is gaining more popularity these days.
Solice is a cross-platform PC and VR (Virtual Reality) game built on the Decentralized and Sandbox concepts. The round was led by top names like Three Arrows Capital, Jump Capital, Solar Eco Fund, KuCoin Labs, etc.
On the other hand, a play-to-earn fantasy game, SolChicks, gets funding from 113 different venture capital funds. The game is built on Solana, and it becomes the talk of the town.
While writing this technical analysis, the price of Solana is $235; the price chart is bullish. It has strong support at $187 and a resistance of $260. On the daily chart, MACD is taking a bullish momentum; Moving Average is also bullish. The last two candlesticks are forming over the MA line. RSI is 57, which is stable and supports the bullish trend. The Bollinger Band is less volatile, and candlesticks are on the upper half of BB.
On the weekly chart, the RSI is 70. The best thing is that the volume has increased in the last few months on both daily and weekly charts. It is following the trend line. Solana had an initial support level of $135, but now the latest support level is $200 ($175 to be precise). However, the SOL coin has a strong resistance level of $250. It could not break the level four times. Is this the time for Solana to cross the level and reach the $300 mark?
Overall the price chart shows an aggressive bullish trend. Investors are talking about the $300 mark. Indeed it will be a great way to achieve the first mark within 2-3 years. However, its major task would be to break the $260 resistance. Everything seems positive in the market for Solana, so it should break the November record high level as per the Solana prediction.
Is it the right time to invest in this coin? It is a million-dollar question. Yes, you can invest on a long-term basis because the overall chart is good.