Solana price analysis: SOL rebalances at $31.8 as bulls recharge their momentum

The Solana price analysis is going bullish for today as it reveals that the price has been following an upward movement today, as the bulls have constantly been striving for the lead. Bulls have finally dodged the ongoing bearish trend as the coin was on the decline previously.

Timeline of Solana

Delphi Digital fueled quite the stir recently after it revealed that Solana hit a new ATH of sorts. According to its tweet, Solana recorded NFT volumes of 344k – An ATH that well surpassed its previous all-time high set in May.

The Solana price analysis predicts an increasing trend for cryptocurrency today. Although the price was facing bearish resistance earlier, the bulls have managed to bring the price to $33.8 in the last 24 hours.

Solana price analysis shows significant volatility today, particularly because the market is slightly bullish and because NFTs in the Solana ecosystem continues to thrive. Its price hit a low of 32.22 today and it currently trades at the $33.9 mark.

Blockchain startup Aptos Labs, founded by former Meta Platforms employees who worked on the defunct Diem project, is receiving increased investment from Binance Labs, the venture capital arm of the world's largest cryptocurrency exchange. The post Binance Labs Boosts Investment in ‘Solana Killer' Blockchain Aptos appeared first on BeInCrypto.

Solana, the fastest-growing cryptocurrency ecosystem and blockchain in the world, has dropped by 6.54% in the last week. Moreover, the price continued to decline by  1.07% in the past 24- hours. As the bulls and bears haggle between the 8-day exponential and 21-day simple moving averages.  The Solana price is now auctioning at $32.

SOL is currently not performing quite well, which is an expectation considering the lingering bear market. The asset has struggled to keep its head above the $35 zone, hanging on by a thread.

The recent sell-off in the crypto market offset the prior recovery in Solana price. The buyers currently stall this downfall at local support of $32.7, but the low volume activity in their attempts keeps the correction threat on the table.

The total value locked (TVL) on the Solana blockchain's decentralized finance (DeFi) space has trended downwards in U.S. dollar terms over the past three months, dropping a total of 45.9% from $3.94 billion to $2.13 billion.

Solana (SOL) has risen by 5% today relative to its 24-hour low, moving from USD 36.82 early this morning to USD 38.67 as of writing. Its current price also represents a 20% jump in the past week, according to CoinGecko, as well as a 19% increase in the last 14 days.

Solana (SOL) develops bullish sentiments against tether (USDT), as the price of Solana (SOL) seeks to rise with an impending breakout above the current resistance. Bitcoin (BTC) gained significant strength after closing the weekly candle on a high note, with the price remaining above $21,700 for the first time in weeks.