Solana Price: Major Underlying Trend To Trigger Rally?

Solana Crypto Price News: Altcoins were bleeding on Monday as Bitcoin price touched the new nine month high. The new price action momentum comes after the emergency merger deal between Credit Suisse and UBS Group.

Timeline of Solana

Solana rose by as much as 8% to start the week, as the token moved toward a one-month high. The token climbed for a second straight session, as the global banking crisis pushed investors towards cryptocurrencies. Chainlink was also higher, hitting a three-week high.

Over the past ten months, the Solana coin price has witnessed a steady downfall under the influence of a downsloping trendline Using this trendline the sellers have recuperated the selling momentum on bullish pullbacks which is a key trait of an established downtrend. Anyhow, with a 7% intraday jump, the buyers showcase a breakout attempt The post Solana Price Breakout from Key Resistance Hints a Potential Upswing To $34 Mark appeared first on CoinGape.

Bitcoin [BTC] continued to post gains over the weekend but displayed signs of a bearish divergence with momentum indicators. It also traded beneath the $28.7k resistance, a level that had been BTC's last stand before a plunge to $19k in June 2022.

Solana price analysis is moving in positive territory as the bulls take control and push it to $23.57, up 8.90% in the last day's trading session. Following a strong rise in recent days, the strong buyer sentiment on Solana has been reflected in its price action today.

The Solana outage, which occurred not too long ago, revived debates about issues plaguing the network for a while. Recent smart contract deployment data, however, shows that Solana is still seeing a decent number of deployments despite these obstacles.

Under the influence of a resistance trendline, the Solana coin price has witnessed an established downtrend for the past ten months. However, amid the U.S. bank crisis, the crypto market has gained more spotlight, triggering a recovery phase in the majority of major cryptocurrencies.

Solana (SOL) is one of the most popular cryptocurrencies in the market, known for its fast transaction speeds and low fees. The platform has been gaining popularity in recent months, with investors flocking to it as an alternative to Ethereum.

The recent Solana price analysis shows a downward trend as the market falls below $21.67. The SOL coin has been trading below the $ 21.14 level since the beginning of today, and the downward trend has continued to dominate the market for the past 24 hours.

Solana Mobile recently made a major announcement that can have a potential impact on the Solana [SOL] ecosystem. As per the announcement, the full Saga product design files became open source.

Solana Labs subsidiary Solana Mobile announces the launch of its flagship smartphone Saga is coming next week. The Saga smartphone introduced last year by Solana Mobile is currently available for pre-order on the website.