SOL Surpassed ETH in Daily NFT Sales for the First Time Ever
Solana (SOL) blockchain has achieved a significant milestone by surpassing Ethereum (ETH) in terms of 24-hour NFT sales volume. This is noteworthy as it happened during a bear market, which makes it an impressive accomplishment for the platform. According to Step Data Insights, a data analytics platform, Solana now holds the top position in the list of blockchains by NFT sales volume, with Ethereum and Bitcoin following in the second and third positions, respectively. Polygon (MATIC) and ImmutableX hold the 4th and 5th spots, respectively.
In addition to the NFT sales volume success, Solana has also outperformed Ethereum in terms of price performance over the past 24 hours. While Ethereum experienced a slight price decrease of 0.33%, Solana's price surged by more than 4% to reach $19.01. Moreover, SOL's weekly performance showed a significant increase of over 11%.
SOL's price chart displayed positive technical signals. It managed to break above the 50-day Exponential Moving Average (EMA) line in the last 48 hours and was still trading above this significant technical indicator at the time of the announcement. The next major resistance level was identified at $19.68, and a bullish technical flag was recently triggered, indicating further potential for price growth.
The short-term bullish cycle was evident as the 9-day EMA line crossed bullishly above the 20-day EMA line in the past 3 days. This indicated that SOL's price was expected to continue rising in the coming days. If the bullish flag is validated, it is likely that SOL will turn the $19.68 resistance into support within the next week. This could pave the way for further price increases, with the next key resistance level at $22.56. Continued buying pressure might even push SOL's price as high as $26.85.
However, there is also a risk of a price decline if SOL fails to close a daily candle above $19.68 in the next 2 days. In such a scenario, the price could drop to $17.69 in the coming week. If the 9-day and 20-day EMA lines fail to hold as support, the price may further decline to $15.80.
As with any investment, it's important to exercise caution and conduct thorough research before making any decisions. Cryptocurrency markets are highly volatile and subject to rapid changes.
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