The new block explorer Solarscan mainnet launch brought a bullish trend in the native coin of Solar (SXP) and recorded a 200% rally in the past few days.
According to Coinmarketcap, Solar is the 91st cryptocurrency as it has a fully diluted market capitalization of $442.1 million at the time. Investors have been celebrating the ongoing rally in SXP since March 28.
At the time of writing, the solar coin is trading at $0.7923 against USDT with gains of 18.2% overnight. Almost 200% profit in the last 7 days affects speculators intent to move further.
Amidst the bullish buying momentum, investors saw a new yearly high at $0.85 today. And sentiment suggests a further move to the conceptual round level of $1.0, which could act as a resistance level.
Amidst the upward momentum, SXP price surpassed the 400-day simple moving average on March 31 in terms of the daily price chart. This suggests a long buildup ahead. Meanwhile, the trading volume was reported at $734 million.
The bullish rally in the SXP coin started on March 28 when Solar removed its old explorer and at the same time launched the new explorer named SolarScan, “the latest member of the Sola Network ecosystem” as per a tweet.
For the month, $1.0 was a major resistance level. Conversely, the cloud at the $0.45 level acts as an immediate support area.
The daily RSI stays in the extreme oversold zone, good for a healthy positive trend. In addition, MACD is constantly growing higher.
Support levels – $0.45 and $0.30
Resistance levels – $1.0 and $1.5
Also read: XRP Price Noted New 2023 High, as it Surged 23% in a Week
