Solana Price Prediction: Can SOL Price Reach New Highs as Bulls Drive Strong Recovery?

Share This Post

Solana Price Prediction

The post Solana Price Prediction: Can SOL Price Reach New Highs as Bulls Drive Strong Recovery? appeared first on Coinpedia Fintech News

Since rebounding from the support level above $122 in early September, Solana (SOL) price has gradually gained bullish momentum akin to Bitcoin (BTC). For the first time since mid-March, Solana price has consistently closed above the daily falling logarithmic resistance trend. As a result, it is safe to assume that Solana bulls are in control again.

The large-cap altcoin pumped over 3 percent to retest the psychological target of about $200 for the first time since early April. Consequently, Solana, with a fully diluted valuation of about $115 billion and a daily average traded volume of around $6.3 billion, has held the fourth position as the most valuable digital asset after dethroning Binance Coin (BNB).

What’s Next for Solana Price Action

From a technical analysis standpoint, Solana price is well positioned to rally towards its all-time high in the near term in a similar way to Bitcoin. This recent Solana price prediction is further supported by Solana’s daily Relative Strength Index (RSI), which is on the brink of rallying above the 70 level, signaling the onset of a parabolic rally ahead.

However, Solana price could retrace and retest the support level above $180 in the coming days before continuing with the bullish trend. 

Market Picture

The crypto market has gradually gained bullish momentum since the historic victory of Donald Trump as the 47th President of the United States. Additionally, the bullish sentiment was bolstered by the Fed’s decision to cut the benchmark interest rate by a quarter basis point, thus following in the footsteps of the Bank of England (BoE).

The Solana market is expected to continue attracting more investors seeking to diversify their crypto portfolios. Moreover, the Solana network has emerged as a major player in the web3 sector, already challenging Ethereum’s dominance.

For instance, the Solana network registered over 5 million daily active addresses in the past 24 hours while the Ethereum network recorded around 400k.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Trump and Musk’s Proposed ‘D.O.G.E’ Agency Sends This Meme Coin Soaring

With Donald Trump winning the presidential election and Elon Musk set to head the administration’s newly proposed Department of Government Efficiency (DOGE) agency, a meme coin with the same

As Trump Backs Crypto, XYZ Could Become a Major Player Alongside Solana (SOL) and Cardano (ADA)

The post As Trump Backs Crypto, XYZ Could Become a Major Player Alongside Solana (SOL) and Cardano (ADA) appeared first on Coinpedia Fintech News With notable figures like Donald Trump showing

DOGE News Update: Spirit Blockchain Capital Fully Acquires Dogecoin Portfolio Holdings to Strengthen its Web3 Investments

The post DOGE News Update: Spirit Blockchain Capital Fully Acquires Dogecoin Portfolio Holdings to Strengthen its Web3 Investments appeared first on Coinpedia Fintech News In a surprising move,

FTX Sues Crypto.com To Recover $11.4 Million!

The post FTX Sues Cryptocom To Recover $114 Million! appeared first on Coinpedia Fintech News As per the latest updates FTX has sued cryptocom Notably, Alameda had an account in Cryptocom before the

These 2 Meme Coins To Outrun Top Altcoins With A 5X – 10X Surge?

The post These 2 Meme Coins To Outrun Top Altcoins With A 5X – 10X Surge appeared first on Coinpedia Fintech News The memecoin market has taken over the crypto space by recording a massive

Are Toncoin (TON) and Shiba Inu (SHIB) Good Investments? This New DeFi Token Could Hit 75X Gain by 2025

The post Are Toncoin (TON) and Shiba Inu (SHIB) Good Investments This New DeFi Token Could Hit 75X Gain by 2025 appeared first on Coinpedia Fintech News The crypto market exploded after Donald