Solana has surged 21% over the past seven days, pushing prices back above $200. This indicates a major recovery for the token as it indicates a new investor trust.
Once bullish momentum is built across the market, technology metrics on the daily chart suggest that SoL is likely to remain in its position beyond this major price level.
New buyers fuel Solana Rally
Measurements from Sol’s relative strength index (RSI) on the daily chart confirm the possibility of further price increases. At the time of the press, this is 67.97, adding room for growth.
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The RSI indicator measures the market conditions for asset acquisitions and overselling. It ranges from 0 to 100. Values above 70 suggest that the asset is over-acquired and paid for a price drop, while values below 30 indicate that the asset is over-sold and may witness a rebound.
At 67.97, Sol’s RSI suggests there is still room for growth in the token, indicating that the bullish momentum remains intact. The steadily rising RSI shows that buyers are increasingly confident, allowing Sol prices to rise before buyers start fatigue.
Meanwhile, new demand for SOL has seen a notable increase in the past 14 days. According to GlassNode, the number of new addresses joining Sol Transactions for the first time has skyrocketed 51% since August 3rd.
This increased new demand suggests that fresh capital is entering this market, reflecting the growing interest and trust of investors. This influx of new participants will help maintain Sol Price’s momentum and support further upward movement.
Sol Eyes $219 to boost support in demand above $195
At the time of this writing, Sol is trading for $207.17 and comfortably on the support floor for $195.55. A rise in demand could strengthen this key support level, which could help push Sol towards the next resistance at $219.21.
However, an increase in profit-making could negate bullish outlook. If sales pressures are increased, Sol could retest the support level of $195.55 and did not hold it, making Coin Retreat a $171.88.
Post Solana will regain $200. The new buyer surge shows a signal more upside down after a 21% jump first appeared in Beincrypto.
