• Solana is a cryptocurrency designed to support smart projects and decentralized apps, which was launched in the first quarter of 2020.
• At its peak in November 2021, Solana’s performance against the US dollar has reached 18640.78%. It now trades around $20, well below its all-time highs.
• A series of lower highs remains intact while the price is below $40 and traders should wait for a bullish break above this level before establishing a long position.

Overview of Solana

Solana is a cryptocurrency designed to support smart projects and decentralized apps, which was launched in the first quarter of 2020. Since then it has seen an impressive rally, reaching an all time high at $225 in November 2021 and delivering remarkable results with returns over 1,500% since launch.

Bearish Bias Persists

Currently trading around $20, the bearish bias persists while prices are below $40 as there is still a series of lower highs intact. Traders should wait for a bullish break above this level before establishing a long position to avoid possible losses from bear market rallies which could push prices back down to test new lows again soon.

Cryptocurrency Market Rally

The cryptocurrency market bounced from its recent lows in 2023 led by Bitcoin and other cryptocurrencies followed suit including Solana which also rallied sharply from its lows at the end of 2022.

Impact of Cheap Money & Pandemic

The pandemic had helped fuel speculation as people were throwing money into any project that had something to do with online businesses while government flooding their financial systems with cheap money also contributed to extreme levels of speculation seen across both the cryptocurrency and stock markets during this period.

Conclusion

Solana saw an impressive rally since launch but currently remains bearish while trading below $40 and traders should wait for a bullish break above this level before entering into long positions or else risk seeing prices return back down again soon due to potential bear market rallies.