Solana (COIN: $SOL) Signals Oversold Conditions: Can It Beat it’s All-Time High after Bitcoin Halving?

Solana (COIN: $SOL) is a layer-1 blockchain platform designed to host and run dApps and other blockchain-based solutions, providing much faster transactions and lower fees than rival blockchains, like Ethereum.

Meme tokens like Bonk, DogWifHat, and Book of Meme have recently gained massive notoriety thanks to the success of the Solana ecosystem.

Solana has recently signaled oversold conditions after the price crashed to $116.80 last week, while still holding on to its place as the 5th largest coin by market capitalization.

Solana’s price has already recovered massively to $150+, as Bitcoin surpasses $66K, having recently accomplished its 4th halving event on April 20th.

Technical Look At SOL

The recent overall market correction has led to oversold conditions for Solana. The price of $SOL is slightly above the Moving Above Exponential indicator on the 1-day chart, possessing a bullish condition and possible trend reversal for the token.

However, the close proximity of the 50-day EMA to SOL’s current price suggests that the cryptocurrency is approaching crucial technical levels, potentially indicating a significant testing phase.

The strong support levels are $126.23, with other thresholds $110.96 and $92.64. Also, the Relative Strength Index (RSI) shows 44, suggesting that the token is in the oversold conditions.

The Solana community is positive about the price movement of the token as they anticipate that the price can turn bullish anytime soon amidst the halving event.

Coinbase Wallet Adds Solana Ecosystem Support

Coinbase made a major move on April 16 by integrating the Solana ecosystem into its platform. The network is expanding its services by adding 50,000 Solana-based tokens. With this integration, traders can directly trade Solana tokens from the Coinbase wallet interface.

According to an  X post on April 16, Coinbase Wallet users can “Trade 50,000+ tokens on Solana.

With our Solana DEX integration, now you can trade @solana tokens on Coinbase Wallet.”

The move will enhance traders’ trading experience. Moreover, the users can access live charts for real-time pricing and profitable trading experiences.

 Solana (SOL) Price Trend

At the time of writing, $SOL is currently trading at $153.13, up 0.96% in the past 24 hours, a 41.12% discount to its all-time high of $260.06 achieved on November 7, 2021.  The market cap of Solana is $68.63 billion, with a 24-hour volume of $2.69 billion, up 3.38% in the past 24 hours.

Should You Buy Solana?

Solana is one of the leading projects and an emerging star in the DeFi space. It has collaborated with major projects like FIL and now Coinbase, proving it is a reliable, secure, and decentralized platform. 

Despite considerably more use cases for SOL and the growing number of ecosystem users, it is still trading at a significant discount to its ATH. Therefore, investing in Solana for the long term is a lucrative choice as the ecosystem grows. 

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