olana Coin has seen its price increase by 16% in recent days, prompting speculation that it could be the start of a recovery rally.
The sudden price increase has been linked to positive sentiment in the cryptocurrency market and growing demand for fast and scalable blockchain technologies. However, some experts caution that the current recovery may only be a temporary relief rally, as the overall trend in the market remains bearish.
In December, the Solana coin price dropped 95.71% from its all-time high of $260.06 due to negative sentiment surrounding the FTX crypto crash. A daily candle closing above $12 could signal a longer-term trend and lead to a 33% price increase to $15. If the daily candle closes below $12, it could indicate that sellers are still in control and prices may struggle to surpass overhead resistance.