BlocksInform
Solana (SOL) recovered from the slight pullback yesterday, even when the general crypto market cap dropped today. This past week's unemployment rate rose by 28.44%. This increase could be due to a combination of economic factors and the increasing usefulness of solana among crypto users.
What makes solana more expensive?
The Solana network is enjoying more attention from the increased crypto awareness and adoption among individual and institutional investors. The network has implemented plans for 2023, which is attracting enthusiasm from the online community.
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The SOL network provides developers access and a framework to build DApps on its blockchain. For instance, Phantom, a crypto wallet, is hosted on the Solana blockchain. The portfolio supports decentralised financial operations, sequencing and non-financial transactions for solana users.
Also, SolanaMobile, on Twitter, announced its intention to launch Solana Mobile Stack and Saga phones. The cell phone will bring the solana blockchain at the user's fingertips. Users are enthusiastic about the launch of the device, which will take place at the beginning of the year.
Also, as an altcoin, solana correlates to bitcoin in the exchange rate. So, Bitcoin’s recent rally and other economic factors might be influencing SOL’s price.
The macroeconomic factors affecting SOL price include a low Consumer Price Index (CPI) value for December 2022. The CPI shows the overall evolution of consumer prices over a given period of time. These combined factors could be the cause of the sharp rise in soil prices in recent weeks.
Solana Price Prediction: Is SOL going to break down resistance?
Sol is recovering from yesterday's slight drop to 21.28 dollars. Levels of support are $19.60, $20.09 and $20.75, while levels of resistance are $21.90, $22.40 and $23.05. SOL is trading below its 50-day Simple Moving Average (SMA) and 200-day SMA on the weekly charts. This indicates a downward trend or a slight reversal in soil prices.
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The Relative Strength Index (RSI) is close to the oversold region at 43.04 and might continue to descend if the bears sustain their charge.
The Moving Average Convergence/Divergence (MACD) is below its signal line and giving off negative values, indicating a bearish reversal despite the rally.
The floor price could still go down and hit support by $19.69. The next rally is likely to exceed the first level of resistance of $21.90 over the next few days.
At the time of the press, the price of the land was being traded at $21.42. its trading volume is down by more than 50% over the past 24 hours to be sitting at $638.8 million.
