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Is it now the time to buy Solana after the MACD crossover?

Is it now the time to buy Solana after the MACD crossover?

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  • Solana is a leading platform for smart contracts.

  • Helium plans to vote to move into the Solana ecosystem

  • SOL, the original brand, is recovering

It’s been relatively quiet for Solana and its original token SOL/USD. Since mid-August, the cryptocurrency has been largely down. This happened after breaking the 20-day and 50-day MA after breaking the ascending triangle.

In a rapid decline, SOL touched the $30 level in late August. It has recovered recently and is trading at $34. The recovery has taken place since Helium announced that it will switch to the Solana network. The developers of Helium stated that the reason for the migration was to increase its speed, stability and scalability. The Helium Foundation is expected to hold a community vote on the planned transfer starting September 12.

The move highlights Solana as a leading smart contract network. Solana has already been touted as a leader in DeFi, NFT and decentralized applications. Of course, Solana needs to attract more users to send positive signals about its role as an Ethereum killer. The network also needs to strengthen security features that have been targeted by hackers.

Solana’s price action, trend and pace

Source: TradingView

On the daily chart, the MACD line crossed the moving average. The cryptocurrency has also risen above its 20-day moving average. However, we remain cautious in placing a bullish call on SOL.

Although momentum is picking up, SOL is weak and the trend is generally down. Trading volumes remain low, suggesting the momentum is unlikely to be sustained. Additionally, SOL is trading below the $42 resistance. Resistance is a key barometer in assessing whether sustained upside momentum is likely.

Summary

SOL is not yet a buy at current levels. The cryptocurrency needs to build enough momentum to be followed by a break above $42.

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