At the moment, the price of Solana, which is now trading at $58, is making an effort to break past the resistance level that is indicated at $59.
The fact that SOL is seeing a rebound in bullishness makes it conceivable for the market to stage a rally.
Since the beginning of the month, Solana has had inflows totaling $40.2 million, which is over half of what Ethereum has been able to do.
Investors have been constantly impressed by the sustained increase of the Solana price over the course of the past year. This attitude has also been shared by institutions, which have declared SOL their cryptocurrency of choice since it was introduced.
Thuslana is able to secure institutional support
During the week that ended on November 24, Solana received inflows that were the equivalent of roughly $3.5 million. Despite the fact that this does not appear to be a big amount, it is much higher than the sum of all the other cryptocurrencies' inflows combined. Additionally, this $3.5 million was added to the monthly flows, increasing the total amount of money received up to this point in the month to $40.2 million.
In comparison, Ethereum reported inflows of around $99.6 million over the same time period, which means that Solana is roughly half of the home of the decentralized finance community. In this respect, the other alternative cryptocurrencies can not even come close to competing with Litecoin, which reported outflows equivalent to $0.6 million, and Ripple (XRP), which reported outflows amounting to $2.4 million. One cryptocurrency, Cardano, has reported inflows of $2.1 million that are not related to SOL.
It is clear from this that Solana is now the cryptocurrency that is performing the best when it comes to institutions, and it has the potential for a long-term rise that is far bigger than that of other cryptocurrencies.
At a significant resistance level, the price of Solana
As of the time of this writing, the price of Solana is trading at $57, which is challenging the barrier that is set at $59. Since quite some time ago, this line has been put through its paces as a resistance. SOL would be able to break through the $60 threshold and establish new highs for the year 2023 if this line were to be switched into a support floor.
The Relative Strength Index (RSI) is now located in the bullish zone, which is above the neutral line. This indicates that the price indicators are indicating the possibility of a climb. Additionally, the Moving Average Convergence Divergence (MACD) indicators have also shown a decrease in the number of red bars, which indicates that bearishness is becoming less prevalent. An upward momentum would be verified if the bars were to flip above the neutral line and a bullish crossing was observed.
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In the event that the breach is unsuccessful and adverse momentum continues to build, the price of Solana would see a favorable fall. This would bring the alternative cryptocurrency closer to $50 and put the support around $46 to the test. The bullish thesis would be rendered incorrect if this line were to be lost, which would result in a drop below $40.
