3 Reasons SOL Price Up 30% in Two Weeks – Will Solana Uptrend Continue?

Solana (SOL) rallied on September 13 in the cryptocurrency market led by Bitcoin (BTC) and Ether (ETH).

On the day by day chart, SOL value rose 4% to $39, its finest stage in 3 weeks. The token’s intraday good points got here as an extension of a prevailing uptrend that noticed its value rise by 30% in simply 2 weeks.

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Daily chart of SOL/USD. Source: TradingView

Compared to Solana, Bitcoin and Ether underperformed with good points of 16% and 22% over the identical interval. Let’s have a look at the combination of fundamentals and technical evaluation that will have pushed SUN.

Helium fusion with Solana

On August 30, the core builders of the Helium Network, which supplies decentralized 5G wi-fi community protection, introduced the administration’s proposal to maneuver from its authentic chain to the Solana blockchain, permitting customers to create hotspots.

Helium builders cited “the necessity to enhance operational effectivity and scalability” in contemplating Solana as a great match.

SOL is a stake and transaction fee token in the Solana ecosystem.

Weekly chart of SOL/USD. Source: TradingView

The NFT Boom

The newest shopping for interval on the Solana market can be accompanied by an increase in its non-fungible token (NFT) metrics.

Notably, quantity in NFT markets resembling OpenC, Metaplex and Magic Eden reached practically SOL 1.2 million (~42.8 million) in the week ending 9/11, in accordance with information tracked by Nansen. This has additionally seen a rise in NFT transactions, which reached a document excessive of over 1 million throughout the identical interval.

Solana NFT quantity introduced weekly with out remark pic.twitter.com/QaPanxpOkv

– Intern Nansen (@nansen_intern) 12 September 2022

The bounce in exercise in Solana gave the impression to be the one shiny spot in the NFT sector which has seen low demand in latest months. For instance, the buying and selling quantity on the principle OpenSea NFT market has dropped considerably.

Of all of Solana’s NFT collections, the just lately launched “y00ts mint t00b” assortment has garnered the very best buying and selling quantity, with the common worth of Hyperspace registering round $18.45 million per day.

SUN’s technological leap

From a technical standpoint, the SOL 30% rally began after testing a traditionally essential assist stage.

SOL/USD has been consolidating sideways since May 23 in a spread outlined by two flat parallel development traces. A dip to a decrease trendline (assist) sometimes bounces 58% to 60% to an higher trendline (resistance).

Similarly, the pullback of the higher trendline brought about the SOL value to fall in direction of the decrease trendline as proven beneath.

Weekly chart of SOL/USD. Source: TradingView

With SOL rebounding, its path of least resistance seems to be on the uptrend line close to $47.50, which is about 38% above present value ranges.

The views and opinions expressed herein are solely these of the writer and don’t replicate the views of Cointelegraph.com. Every funding and buying and selling transfer entails danger, it is best to do your personal analysis when making a call.

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