As the cryptocurrency market continues to grow, Solana ($SOL) is making a big comeback, with the token’s price up 7% over the past 24 hours.
The quick bounce is testament to Solana’s resistance, reviving bullish sentiment around the token.
However, another competitor, Ecoterra (US$ ECOTERRA), is also making waves in the market and appears poised to follow Solana’s upward trajectory.
The return of Solana Springs as rising hopes reignite
SOL is now trading at $19.60, after a surprise surge of 7% that left investors in a trance.
After three consecutive bearish daily closes, Solana appears poised to break the trend, as it posted its first bullish close since Sunday.
The main catalyst for Solana’s upward move is the recent rejection from the 50-day exponential moving average (EMA) on the daily time frame.
On Wednesday, the price rejected this indicator and now seems to be using it as a starting point for a longer-term advance.
Adding to the optimism, Solana broke above the 20 day EMA last week, which means that both the short and medium term trend can be considered bullish.
The price also seems to be respecting the ascending trend line that has been in effect since June 10th, and strongly rejected it on three occasions.
Finally, according to Queen Gekko Data, over $409 million worth of SOL was traded in the past day – more than Dogecoin ($DOGE) and Polygon (MATIC).
Influencer endorsements and bullish sentiment are driving SOL higher
Several factors play into Solana’s current positivity.
First, crypto influencer Sheldon the Sniper, who has over 442k followers, chirp Miniature price chart showing that the dollar price of SOL is breaking above a long-term downtrend line that has been in play since May 2022.
Sheldon’s tweet indicates that the likely target for SOL could be the $55 region – he also asks if it’s “finally time for Solana”.
Secondly, Solana is taking advantage of the positive sentiment that is spreading across the cryptocurrency market.
the Index of fear and greed in cryptographyoften used as a proxy for overall market sentiment, currently stands at 56 – indicating “greed”.
This positivity is reflected in the recent rally in Solana’s price, which shows that investors are becoming increasingly confident in the token’s long-term potential.
Overall, the indicators look positive for the SOL dollar price – suggesting that further price growth could be on the horizon.
Which cryptocurrencies are also seeing a rise in price?
While Solana is showing strong growth, it is not the only token catching market attention.
Ecoterra ($ECOTERRA), an innovative green crypto project, is also gaining momentum with its ongoing pre-sale.
Green Crypto Ecoterra pioneers sustainability and up to $5.8 million
ECOTERRA ($ ECOTERRA) It is an exciting new player in the crypto world that integrates environmental sustainability with digital finance.
Leveraging the power of the Ethereum blockchain, the Ecoterra ecosystem enables individuals and businesses to contribute to addressing climate change – while also benefiting from their actions.
The project’s unique Recycle2Earn (R2E) app provides a new way for users to earn ECOTERRA dollar tokens by simply recycling used materials such as 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 White papersUsers can also offset their carbon footprints by purchasing certified carbon credits through the built-in carbon offset marketplace.
The ecosystem will also contain a marketplace for recycled materials, enabling companies to transact using ECOTERRA dollars (and other cryptocurrencies).
Right now, in the midst of a pre-sale that raised a handsome $5.8 million, Ecoterra seems poised to be an attractive investment opportunity for green-minded cryptocurrency enthusiasts.
As the final phase of this pre-sale continues, early adopters have the unique opportunity to buy ECOTERRA USD for just $0.01 while also earning a 10% bonus on their investment.
This setup has intrigued the investment community – and with over 7,000 people now participating in the official Telegram channelObviously, Ecoterra is fast emerging as an exciting prospect in the cryptocurrency space.
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