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Solana (SOL) Surging 89% in 30 Days, Reaching New Highs

-Solana (SOL) has seen its price increase dramatically in recent weeks, with gains of 89% in 30 days, 131% in 14 days, and 63% in 7 days, after hitting a 52-week low of $8.14 in December.
-The release of the first meme coin, BONK, on the blockchain in late December also contributed to the Solana price increase.
-For the trend change to be confirmed, SOL has to close higher than the 200-day simple moving average of $27.59 and exponential moving average of $30.25.

The cryptocurrency market has seen impressive growth in recent weeks as investors take advantage of the volatility in the market. One of the top performers has been Solana (SOL), which has seen its price increase dramatically in recent weeks. In the past 30 days, SOL has seen gains of 89%, 131% in 14 days, and 63% in 7 days, after hitting a 52-week low of $8.14 in December.

The release of the first meme coin, BONK, on the blockchain in late December has also contributed to the Solana price increase. The meme coin’s market cap skyrocketed to $200 million as word spread, but has since faded to $55 million at press time. Despite this, SOL continues to surge and has yet to show signs of slowing down.

For the trend change to be confirmed, SOL has to close higher than the 200-day simple moving average of $27.59 and exponential moving average of $30.25. However, if the token manages to reach this level, it would signal continued positive momentum and set the stage for higher prices. The on-balance volume (OBV) has also increased dramatically since the January rally began, reaching a high not seen since early 2020.

As the cryptocurrency market continues to experience volatility, Solana is likely to remain an attractive investment for investors looking to capitalize on the opportunity. With the token performing so well and the potential for further increases, it will be interesting to see how SOL performs in the coming weeks and months.