Solar (SXP) leads the performance chart among the top 100 coins

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The solar token, Swipe (SXP), has had an impressive run in the past 24 hours, even as the coin market has shown signs of retraction. The price of the cryptocurrency is up by 3.04% in 24 hours. Even though this is not a modest gain at a time when most of the digital currencies are in the red, a closer look at the SXP chart shows that the asset has gained a massive 166% in the past 7 days, showing an impressive run unequalled by any top token within the past week.

Solar, which is ranked #96 on the Coinmarketcap chart, is a dedicated proof-of-stake coin with 56 validators responsible for its blockchain. The digital currency is currently priced at $0.7039; its market cap is $394 million, while its 24-hour trading volume is $529 million.

The launch of Solarscan, a new block explorer

On March 28, Solar Network announced that its new blockchain explorer, Solarscan, had replaced its legacy explorer. The price of its token has since responded to the goodwill the network has received from the coin community. For instance, on March 31, the Binance team announced that it would support the proposed Swipe (SXP) mainnet swap and rebranding. On the same day, the Solar Network announced a SXP giveaway on Twitter to mark the first anniversary of the launch of the Solar Mainnet.

What the indicators say

The SXP/USDT chart shows that the SXP is still in an uptrend, as we can see in the ascending tunnel. The relative strength index (RSI) registered a value of 67, which shows that the coin is nearing the overbought region once again and, therefore, will experience some correction in the coming days. However, it is interesting to note that SXP was greatly overbought on March 30, registering an RSI value of 92. This shows that investor buying sentiment is high. There is no doubt that Solar SXP is the token to keep an eye on in the coming days.

Author: Kamma

Kamma is passionate about the prospects of blockchain and the freedom cryptocurrencies afford people across borders. He holds small amounts of bitcoin and tether.