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The cryptocurrency industry is seeing a major price recovery after nearly four months of continuously spiraling down. The sector has reached its peak around November 11th, 2021, and from that moment forward, crypto prices have been seeing a continuous crash that was only interrupted a few times by brief periods of stability or a minor attempt at recovery.
No recovery in the past 4 months has been as dramatic as the current one, however, even Bitcoin managed to go beyond $44k, after sitting at $34.7k only five days earlier.
However, for some coins, the price recovery is not the only great news that investors have to look forward to. Solana (SOL), for example, was just listed on the crypto exchange Gemini earlier today, March 1st, 2022.
SOL gets listed on Gemini
Gemini is one of the biggest regulated exchanges in the US. It is run by Tyler and Cameron Winklevoss, who became well-known for their involvement with the crypto industry for nearly a decade now.
The exchange announced that it listed Solana (SOL) and that users are currently only able to store the SOL token in the exchange’s wallet. However, it won’t be long before the native token of the eponymous smart contract blockchain platform is available for trading.
Gemini’s plan is to start rolling out trading for numerous fiat payers first, allowing investors to buy the token directly, without having to go through another of the supported cryptocurrencies first. It is likely that the SOL token will be paired against the US dollar first, with the potential addition of other supported fiat currencies, including the British pound, the euro, Canadian, Australian, Hong Kong, and Singapore dollars, and potentially more.
Solana price performance
For the time being, Solana (SOL) is the 9th largest cryptocurrency by market cap, with its current market cap sitting at $31.5 billion. Meanwhile, the token’s price currently sits at $98.38, after recovering by 8.37% in the last 24 hours. The current price places it 15.68% higher than its lowest point in the last 7 days.
Now, Solana has a difficult task ahead of itself, which is the breaking of the resistance at $100. The project actually started the year with a significantly higher price of $173, which is still much lower than its price on November 6th, when the token reached its all-time high at $258.
However, November was when the bull market got replaced by a very bearish one, and the SOL price started crashing down with the rest of them.
Solana was more capable than most, and it had a number of supports that attempted to stop its price drop and allow it to bounce back up. The project saw a considerable surge after each individual drop, but the strength of the bearish market and resistances that sat above it always resulted in its price being rejected, until it reached its lowest point in 2022 only about a week ago, on February 21st when it sank to $83.12.
Now, however, the new price rally is taking the crypto industry back up, and Solana is joining the surge. Judging by its past price performances, the token will first have to breach the resistance at $100, and then it has the next one at $105. After that, levels at $110 and $115 will be the next challenges that it will have to face, which it likely can reach, provided that the current rally doesn’t lose its momentum.