Crypto News

Solana is looking to reclaim his position in Dogecoin

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.

Comparison of returns of two currencies, Solana and Dogecoin

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.

Solana price chart next to two moving averages of 50 and 200 days
Solana price chart next to two moving averages of 50 and 200 days

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.

The post Solana seeks to reclaim position in Dogecoin appeared first on Wallex Blog. appeared.


hello my name is amir; i love bitcoin and dogecoin 🎯

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