The price of Solana digital currency (SOL) has grown by nearly 30% over the past week and is currently trading above $26. The value of this layer 1 network has improved since the fall of the FTX exchange and developers continue to build on it.
According to Valx and quoted by CryptoGlobe, Solana has shown a better price performance than other top digital currencies in the market in recent weeks. The price of Solana has reached its current level from a range below 10 dollars.
Solana currently has a market capitalization of around $9.96 billion, making it the 11th largest cryptocurrency in the market. The currency is ahead of Polkadata with $8.7 billion, but its market cap is lower than Dogecoin with $11.73 billion.
According to the latest report of CryptoCompare website regarding Solana, this digital currency recorded a 140% return during January. Although the value of this coin fell sharply after the fall of the FTX exchange, this currency is approaching its price of $36.9 on November 6, before the bankruptcy of that exchange.
According to Solana’s analysis by the said site, this digital currency managed to cross its 50-day moving average at the beginning of the year and is now approaching its 200-day moving average. The 200-day moving average is a key indicator for traders as it helps determine the overall and long-term trend of an asset.
This indicator removes the impact of random and short-term price fluctuations on the price of Solana. If the 200-day moving average is above the price of the asset, it is considered as a strong support level for it. In the opposite situation, it is a strong resistance. When the price of an asset is above the 200-day trend, it is considered “bullish”.
Although Dogecoin’s price movements have been much more limited than Solana’s, it has been popular with cryptocurrency whales. For example, a digital currency whale bought more than 700 million Dogecoin in the past few days and is now the 20th largest address of this network.
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