Solana Rebounds 7% in 24 Hours – Here’s Why It’s Bullish, While This New Token Is Also Rising

As the crypto market continues to grow, Solana ($SOL) is making a significant comeback, with the token’s price rising 7% over the past 24 hours.

The rapid bounce-back is a testament to Solana’s resistance, rekindling the bullish sentiment around the token.

However, another contender, Ecoterra ($ECOTERRA), is also making waves in the market and looks poised to follow Solana’s upward trajectory.

Solana Springs Back as Bullish Hopes Reignite

$SOL is now trading at $19.60, following a surprise 7% surge that has left investors buzzing.

After three bearish daily closes in a row, Solana appears primed to break that trend, posting its first bullish close since Sunday.

The main catalyst for Solana’s upwards movement is the recent rejection from the 50-day Exponential Moving Average (EMA) on the daily time frame.

On Wednesday, price rejected this indicator and now seems to be using it as a launching pad for long-term progress.

Adding to the optimism, Solana broke above the 20-day EMA last week, meaning that both the short and medium-term trends can now be considered bullish.

Price also appears to be respecting a bullish trendline that has been in play since June 10, rejecting it aggressively on three occasions.

Finally, according to CoinGecko data, over $409 million worth of $SOL was traded in the past day – more than Dogecoin ($DOGE) and Polygon (MATIC).

Influencer Endorsements & Bullish Sentiment Propel $SOL Higher

Several factors are playing into Solana’s current positivity.

Firstly, crypto influencer Sheldon the Sniper, who boasts over 442,000 followers, tweeted a zoomed-out price chart that shows that the $SOL price is breaking above a long-term downwards trendline that has been in play since May 2022.

Sheldon’s tweet notes that a potential target for $SOL could be the $55 region – also asking whether it will “finally be Solana time.”

Secondly, Solana is benefiting from the positive sentiment rippling throughout the crypto market.

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Author: Dirk van Haaster

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