The cryptocurrency market has experienced an interesting ride this week to say the least, with broader corrections across major altcoins. However, Solana has defied the trend, surging 12% while other prominent altcoins have witnessed declines of 10-20%.
The bullish sentiment surrounding SOL is further reinforced by its 200-day moving average, which currently stands at $74. A high 200-day moving average indicates a strong upward trend and a healthy support level for the asset. From a support perspective, $173 should act as a strong level, aligning with the 0.236 Fibonacci retracement level.that SOL could reach a $1 trillion market cap.
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