solana comes out as one of the Most Popular Cryptos of the Week
According to LunarCrush, Solana has consistently clocked about 200 million social engagements per day this week. The cryptocurrency is one of the few to be trading in the green on the week. With SOL/USD currently changing hands around $31.50, it stands to gain just over 3.0% on the week and is near the middle of this week’s approximate $26-36ish range.
However, its failure on Thursday to break above resistance around $36.00 in the form of May and early June lows is a bearish sign in the short-term, technicians think, as well as its continued failure to test its 21-Day Moving Average (near $38.00). Indeed, selling as SOL/USD approaches its 21DMA has proven to be a highly profitable strategy going all the way back to the middle of April.
However, its failure on Thursday to break above resistance around $36.00 in the form of May and early June lows is a bearish sign in the short-term, technicians think, as well as its continued failure to test its 21-Day Moving Average (near $38.00). Indeed, selling as SOL/USD approaches its 21DMA has proven to be a highly profitable strategy going all the way back to the middle of April.
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