2023-7-7 23:15 |
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 HigherSeveral 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.
The Crypto Fear & Greed Index, often used as a proxy for overall market sentiment, currently stands at 56 – indicating “Greed.”
This positivity is reflected in Solana’s recent price surge, demonstrating that investors are becoming increasingly confident in the token’s long-term potential.
All in all, the signs look positive for $SOL – hinting that further price growth could be on the horizon.
Which Altcoins Are Also Experiencing a Price Rise?While Solana is demonstrating robust growth, it’s not the only token capturing the market’s attention.
Ecoterra ($ECOTERRA), an innovative green crypto project, is also gaining huge traction through its ongoing presale phase.
Green Crypto Ecoterra Pioneers Sustainability & Hits $5.8m MilestoneEcoterra ($ECOTERRA) is an exciting new player in the crypto universe that merges environmental sustainability with digital finance.
Leveraging the power of the Ethereum blockchain, the Ecoterra ecosystem empowers individuals and businesses to contribute towards tackling climate change – while also profiting from their actions.
The project’s unique Recycle2Earn (R2E) app offers a novel way for users to earn $ECOTERRA tokens simply by recycling used materials like plastic, glass, or cardboard.
This app works in any country with Reverse Vending Machines (RVMs) and is expected to debut later this year.
Per Ecoterra’s whitepaper, users can also balance their carbon footprints by purchasing validated carbon credits through the built-in carbon offset marketplace.
The ecosystem will even have a marketplace for recycled materials, enabling businesses to transact using $ECOTERRA (and other cryptocurrencies).
Currently in the midst of a presale that has raised a remarkable $5.8 million, Ecoterra looks set to be an appealing investment opportunity for green-minded crypto enthusiasts.
With the final stage of this presale ongoing, early investors have a unique opportunity to purchase $ECOTERRA for just $0.01 while also receiving a 10% bonus on their investment.
This setup has piqued the curiosity of the investment community – and with over 7,000 people now participating in the official Telegram channel, it’s clear that Ecoterra is quickly emerging as an exciting prospect in the crypto sphere.
The post Solana Rebounds 7% in 24 Hours – Here’s Why It’s Bullish, While This New Token Is Also Rising appeared first on BeInCrypto.
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