Solana Price Faces Coupled Conditions, Will SOL Price Make it or Break it?

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.

Timeline of Solana

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.

Solana is showing a strong surge in its NFT ecosystem in recent days. Not to forget, the overall demand for NFTs continues to falter in September despite showing glimpses of recovery.

Solana-based blockchain gaming platform, Walken announces a new roadmap and features that boost the user experience and overall growth of the platform! Walken, a move-to-earn player game, has unveiled its latest roadmap in a bid to continue its trajectory to sustainable growth, building momentum and substantial overall growth, a statement from the team reads.

Solana NFT mints surged above 300,000 this week despite a slump in the overall non-fungible token market. The post NFT mints on Solana have surged to an all-time high appeared first on The Block.

Solana [SOL] has finally chosen a side in the tug of war that has been going on between the bulls and bears since end of August. The cryptocurrency delivered a strong bullish performance in the last three days after finding support near the $31 price level.

After some days of abysmal performance, Solana [SOL] rode its horse back to a $1 billion trading volume. Regarded as one of the fastest growing ecosystems in the crypto space, SOL lost grip of the $1 billion volume when the price plunged from $33.44 to $30.62 on 7 September.