Convergence

Solana

Divergence

<img width="1200" height="900" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09134734/ambcrypto_Prompt_A_celestial_panorama_with_the_Solana_logo_soar_fab196af-cfc8-4064-b1b1-3ed84b6f823a-1.png" class="attachment-full size-full wp-post-image" alt="Solana breaks into the $70 price range for the first time in over a year" loading="lazy" style="float:left; margin:0 15px 15px 0;" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09134734/ambcrypto_Prompt_A_celestial_panorama_with_the_Solana_logo_soar_fab196af-cfc8-4064-b1b1-3ed84b6f823a-1.png 1200w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09134734/ambcrypto_Prompt_A_celestial_panorama_with_the_Solana_logo_soar_fab196af-cfc8-4064-b1b1-3ed84b6f823a-1-300x225.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09134734/ambcrypto_Prompt_A_celestial_panorama_with_the_Solana_logo_soar_fab196af-cfc8-4064-b1b1-3ed84b6f823a-1-1024x768.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09134734/ambcrypto_Prompt_A_celestial_panorama_with_the_Solana_logo_soar_fab196af-cfc8-4064-b1b1-3ed84b6f823a-1-768x576.png 768w" sizes="(max-width: 1200px) 100vw, 1200px">
<ul>
 <li>SOL is now trading at over $76.</li>
 <li>Its social dominance has risen to one of the highest points.</li>
</ul>
<a href="https://eng.ambcrypto.com/search/solana" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana [SOL]</a> continues to experience a steady upward trend, sparking increased discussions around it in recent times.
<h4>Solana finds a new price range</h4>
Recently, <a href="https://eng.ambcrypto.com/solana-can-the-spike-in-this-metric-push-sol-forward/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana</a> surpassed the $70 price range, marking the first time in months. A detailed analysis of the daily timeframe chart revealed significant uptrends in the past few days. 
On 7th December, it experienced a 9.57% surge, reaching over $67. The subsequent trading session on 8th December saw an even higher increase of 10.59%, pushing the SOL price beyond $74. 
At the time of writing, it had climbed to over $76, reflecting a 1% increase. The last time SOL traded in similar price ranges was around May 2022.
<div id="attachment_81516" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09133719/SOLUSD_2023-12-09_08-24-30.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81516" loading="lazy" class="size-full wp-image-81516" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09133719/SOLUSD_2023-12-09_08-24-30.png" alt="SOL/USD price trend" width="1793" height="800" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09133719/SOLUSD_2023-12-09_08-24-30.png 1793w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09133719/SOLUSD_2023-12-09_08-24-30-300x134.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09133719/SOLUSD_2023-12-09_08-24-30-1024x457.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09133719/SOLUSD_2023-12-09_08-24-30-768x343.png 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09133719/SOLUSD_2023-12-09_08-24-30-1536x685.png 1536w" sizes="(max-width: 1793px) 100vw, 1793px"></a>
 Source: TradingView
</div>
Furthermore, as of the current assessment, all signals indicate a bullish trend. The Relative Strength Index (RSI) was above 75, signifying a bullish trend in an oversold position with a potential for correction. 
Additionally, the Moving Average Convergence Divergence (MACD) was over zero, and the lines were trading above 4, highlighting a robust bull trend. This remarkable trend has also captured the attention of the broader cryptocurrency community.
<h4>Solana asserts some social dominance</h4>
The recent surge in <a href="https://eng.ambcrypto.com/solana-should-investors-be-concerned-with-ftxs-latest-move/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana’s</a> price trend has significantly amplified the volume of discussions about SOL. 
Its social dominance chart on Santiment indicated this. An analysis of this chart showed that it has climbed to one of its highest points in nearly five months. 
At the time of writing, the social dominance was around 4.9%. The last instance of higher social dominance occurred on 1st November, reaching around 5.7%.
<div id="attachment_81517" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09133844/Solana-SOL-09.01.23-09-Dec-2023.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81517" loading="lazy" class="size-full wp-image-81517" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09133844/Solana-SOL-09.01.23-09-Dec-2023.png" alt="Solana social dominance" width="2560" height="867" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09133844/Solana-SOL-09.01.23-09-Dec-2023.png 2560w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09133844/Solana-SOL-09.01.23-09-Dec-2023-300x102.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09133844/Solana-SOL-09.01.23-09-Dec-2023-1024x347.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09133844/Solana-SOL-09.01.23-09-Dec-2023-768x260.png 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09133844/Solana-SOL-09.01.23-09-Dec-2023-1536x520.png 1536w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09133844/Solana-SOL-09.01.23-09-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
</div>
Additionally, the current social dominance level indicates that SOL is presently a subject of discussion in nearly 5% of the crypto space. 
This suggests a potential scenario where more individuals might be compelled to buy in due to fear of missing out (FOMO), contributing to further upward pressure on the price.
<h4>Solana volume wax stronger</h4>
Examining the volume chart on <a href="https://eng.ambcrypto.com/solana-tvl-grows-by-74-what-it-means-for-you/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana</a> showed a notable convergence between price and volume. The chart illustrates that the volume started to rise simultaneously with the price increase. 
Is your portfolio green? Check out the <a href="https://ambcrypto.com/calculator/solana-profit-calculator" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">SOL Profit Calculator</a>
Before the price surge, the volume was around $3 billion. However, following the consecutive price increases, the volume went over $4 billion. 
As of this writing, the volume was around $3.1 billion. This substantial increase strongly signals heightened trading activity, indicating a potential continuation of the upward price trend.
<div id="attachment_81519" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09134128/Solana-SOL-09.01.19-09-Dec-2023.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81519" loading="lazy" class="wp-image-81519 size-full" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09134128/Solana-SOL-09.01.19-09-Dec-2023.png" alt="Solana volume" width="2560" height="867" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09134128/Solana-SOL-09.01.19-09-Dec-2023.png 2560w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09134128/Solana-SOL-09.01.19-09-Dec-2023-300x102.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09134128/Solana-SOL-09.01.19-09-Dec-2023-1024x347.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09134128/Solana-SOL-09.01.19-09-Dec-2023-768x260.png 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09134128/Solana-SOL-09.01.19-09-Dec-2023-1536x520.png 1536w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/09134128/Solana-SOL-09.01.19-09-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
</div>
The post <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com/solana-crosses-70-for-the-first-time-in-over-a-year-what-next/" data-wpel-link="internal" target="_self">Solana crosses $70 for the first time in over a year – What next?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com" data-wpel-link="internal" target="_self">AMBCrypto</a>.

Solana crosses $70 for the first time in over a year – What next?

AMBCrypto

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