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Solana traders need to understand this ‘shift in market structure’

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source: Unsplash

Solana is currently trending within the crypto community as well as on Twitter. It was up by 42% in the past 24 hours and hit an ATH of $63.43 as of press time. It could be said, that SOL is possibly looking to make its way into the top ten cryptocurrencies by market cap.

The crypto influencer who goes by the name, “The Crypto Dog,” had predicted an ATH for SOL in a recent tweet.

As of now, SOL surpassed its past ATH of $58.39, as recorded on May 18. Meanwhile, another analyst “Alton Sherpa” called SOL’s recent price action “very impressive.” He tweeted,

“Very impressive, I think this looks to be a shift in market structure on the 4h. $55+ should almost certainly have some sellers around there. EMAs looking healthy, just slow steady grinding.”

He used the following 4-hour and 24-hour charts to support his statement based on technical analysis.

4-hour chart (T.A)

Source: Twitter

24-hour chart (T.A)

Source: Twitter

With such an impressive surge, Solana could become one of the top contenders within the crypto ecosystem. Moreover, there’s growing adoption of the Solana ecosystem facilitated by Wormhole supporting communication between several blockchains like Solana, Ethereum, Terra, Binance Smart Chain and others.

Meanwhile, Mango Markets, a decentralized exchange (DEX) on the Solana blockchain raised $70 million in a token sale. Ergo, creating new opportunities for new players to join the Solana ecosystem.

The same was highlighted by yet another crypto investor and analyst in a tweetstorm comprising 33 tweets revolving around the said token. Adam Cochran asserted that Solana could become “a top 3-5 project,” and could even aid Ethereum (ETH) in the long run. In addition to this, Solana recently shed some light on upcoming developments.

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.