The solana price is down by 1% today, having dropped to $21.03 in the past 24 hours. Its current level represents a 26% increase in a week and a 71% surge in the last 30 days, with the layer-one cryptocurrency compensating for some of the steep losses it incurred last year.And with SOL benefitting from the launch of Solana-based meme token BONK, it's likely that the altcoin will continue recovering as Solana attracts more traffic.
However, because this process of recovery may take some time, traders are arguably better off turning to presale tokens for short-term gains, with move-to-earn crypto Fight Out one of the most promising among them.SOL's indicators continue to show strong momentum, with its relative strength index (purple) remaining close to 70, despite having a dip a few days ago.
At the same time, its 30-day moving average (red) is rising up towards its 200-day average (blue), suggesting that SOL may be in the middle of a breakout to a new longer term level.SOL is arguably due a major rally, given that it had been so heavily oversold over the past few months.
This overselling was partly the product of system outages that dampened confidence in Solana, and also partly the result of the FTX collapse, with the now-bankrupt exchange having been a major supporter of the layer-one blockchain.However, with Solana rolling out a number of updates in the second half of 2022, it now seems that it's on the path to recovery.Read more on cryptonews.com