SOL Price Approaches $200, While JUP Cosolidates After Reaching New Highs— Is Solana Ecosystem Heating Up?

The post SOL Price Approaches $200, While JUP Cosolidates After Reaching New Highs— Is Solana Ecosystem Heating Up? appeared first on Coinpedia Fintech News

Soon after the Bitcoin price plunged below $66,000, Solana also faced a similar action and dropped below $165. This move has shaken the entire crypto space for a while, but the immediate rebound in the SOL price and a continuation of a bullish trend have kept up the hopes of a bull market. With this, the Solana ecosystem has also geared up with the projects over the platform gaining enormous strength. 

The newly launched memecoin, BOOK OF MEME (BOME), has topped the table with a splendid rally of over 400% in the past 24 hours. Meanwhile, Jupiter (JUP), a liquidity infrastructure for the Solana platform, clinches second place with a 50% jump. The token marked a new high at $1.5, beyond which the price faced a minor pullback. 

The short-term trade indicates the price is facing minor bearish actions after hitting the upper resistance of the rising wedge. Technicals like RSI have reached the upper threshold, which indicates a small plunge could make its way out. Besides, the DMI levels have expanded to a large extent, due to which a contraction may occur, substantiating a bearish claim. However, market sentiments remain bullish and hence, the JUP price is believed to trigger a rebound after consolidating around $1.3. 

On the other hand, the Solana price marked new yearly highs at $197.95, which invited a decent sell-off. Currently, the price has dropped below $190 but has sustained within the key-resistance levels between $175 and $196.28. Until the SOL price sustains within the range, the traders may remain bullish on Solana, which may smash a new ATH above $300 very soon.