Solana (SOL) Price Briefly Rises 10% Following Dogwifhat Listing

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Solana’s Brief Rise to 89 Dollars

Solana, also known as SOL, recently experienced a notable price increase. On January 24th, the price rose by 10% after the meme coin Dogwifhat was listed on Bitget. However, SOL has since lost some of these gains.

Price Movements of SOL

On January 23rd, the token had fallen to a five-week low of 78.60 dollars. This trend was reversed the next day when the asset’s value rose by 10%. The price increase occurred after the Solana-based meme coin Dogwifhat recorded an intraday price increase of 30% after it was announced that it would be listed on the crypto exchange Bitget.

Securing your SOL

A bearish divergence between the price of an asset and its volume indicates a lack of conviction among market participants. Such situations are usually followed by a price reversal or a consolidation phase until sentiment improves.

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Market Control

An evaluation of the coin’s price movements on a daily chart showed that the sellers of the coin had the upper hand. For example, the readings of SOL’s Moving Average Convergence/Divergence (MACD) at press time showed that the MACD line was below the trendline. This indicated that the coin’s short-term momentum was weaker than its long-term momentum.

Market Stability

While the prices of the leading crypto assets Bitcoin and Ethereum remain susceptible to fluctuations, an evaluation of SOL’s volatility markers showed the presence of low market volatility.

Conclusion

Solana’s recent price performance shows how strongly cryptocurrencies can be influenced by market trends and news. It is important to constantly stay informed about the latest developments and make careful investment decisions.

Sources: TradingView, AMBCrypto

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Last update: 19. February 2024

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