Solana (SOL) Rallies Amid Cryptocurrency Market Recovery
Solana (SOL) has shown significant gains in both daily and weekly charts, riding the wave of a broader cryptocurrency market recovery. As Bitcoin (BTC) reclaims the $87,000 level and the global crypto market cap rises, SOL’s performance stands out. This article delves into the factors driving SOL’s rally and its potential future trajectory.
Solana (SOL) Rallies Amid Cryptocurrency Market Recovery
Solana (SOL) has rallied 1.8% in the daily charts and 4.4% in the weekly charts, following the upward trend in the cryptocurrency market. Bitcoin (BTC) has reclaimed the $87,000 price level, and the global crypto market cap has risen 1.4% to $2.84 trillion. The recovery in SOL and other cryptocurrencies is attributed to the dip in the US dollar’s DXY index, which fell to nearly a three-year low of 98.30 today.
Solana’s $145 Supply Zone and Trading Implications
Solana is potentially regaining a bullish structure, with the $145 supply zone highlighted. Whale accumulation and network activity have increased as the price recovered from $100. The $120-region could act as a demand zone. Bitcoin’s volatility could impact SOL’s sentiment. Bulls are challenging the $143-level.
Solaxy Hits $31M Milestone, Launches Solana-Powered Explorer
Solaxy, the first Layer-2 chain on Solana, has raised over $31 million in its presale and launched a real-time block explorer. The explorer provides transparency for every transaction across Layer-2, potentially pushing Solana to the top of the smart contract game. The presale round ends soon, after which the price of SOLX will increase.
Solana Meme Coin Snipers Manipulate Markets on Pump.fun
Sniper wallets on Pump.fun execute standardized, profitable strategies primarily during US trading hours. These wallets are difficult to isolate due to unrelated bot activity and can adapt to countermeasures. Pine Analytics’ report reveals systematic market manipulation, with snipes accounting for 1.75% of all launch activity on Pump.fun, extracting over 15,000 SOL in realized profit in the past month.
