Looking to Trade Solana (SOL)? Here’s What You Need to Know

Solana (SOL) is on a bullish track, strengthening by over 10% in the past 24 hours and gaining more than 50% of its value over the past week. At the time of writing, SOL/USD is trading at around $43.

Built for high-performance, Solana’s blockchain is permissionless and is designed to support decentralized apps with a special focus on speed and scalability, and the SOL is the native token functioning on its network. It currently ranks 15 on Coinmarketcap based on its market capitalization and offers significant promise as its technology makes it one of the most advanced blockchains existing in the market currently.

Its popularity received a boost a few weeks ago after Coinbase – one of the leading crypto exchanges worldwide, listed the SOL token on its platform for professional traders – Coinbase Pro. This comes shortly after it made its debut on Binance – the world’s largest cryptocurrency exchange, last month.

SOL/USD turned even more bullish late last week after the Solana Foundation confirmed its plans to expand into the Korean market through a collaboration with blockchain fund ROK Capital. After receiving $60 million worth of funding only a few weeks ago, the latest collaboration drove an influx of an additional $20 million worth of funding which will help it develop projects in Web3, NFTs and DeFi spaces.

Key Levels to Watch

SOL/USD continues to trade with a strong bullish bias at the moment, and is all set to make its way towards its ATH of $58.30. With the price comfortably holding above the 20 EMA at around $40, there is room for further upside in the near-term.

While technical indicators support an uptrend for now, in case the sentiment sours or selling pressure increases, we could see the price of Solana slide all the way down to around the $25 level.