Solana
As SOL surpasses $170, could the $200 target be next?
Solana Price Forecast: SOL has seen a significant increase in the last 24 hours. SOL price broke above the $170 resistance level after a strong uptrend. THE Solana Price is currently at $172.53, marking a 4.32% rise over the past day. Market capitalization also reached $79 billion, placing Solana 5th in CoinMarketCap.
The 24-hour trading volume jumped 31.50%, reaching $2.6 billion. This substantial increase in volume signifies increased business activity and investor interest in Solana. The circulating supply is 459 million SOL, while the total is 577 million SOL.
Solana Price Prediction: Bullish Momentum Breaks $170 Resistance
Solana price has been trending upward, trading in a range of $162 to $174 over the past few weeks. This bullish momentum is supported by increasing trading volumes and positive market sentiment.
Solana Price Prediction
The altcoin Solana has shown resilience recently, rising 2%. As Bitcoin approaches $70,000, a potential bull run could boost Solana and other altcoins. Solana’s positive momentum is driven by increased network activity and high developer retention rates. In addition, a surge of Solana Coins contributes to this uptrend, signaling further growth for the altcoin.
According to DéfiLlama data, Solana’s total value locked (TVL) reached $4.928 billion. The market capitalization of stablecoins on Solana amounts to $3.042 billion, reflecting the network’s strong liquidity. Over the past 24 hours, the network generated $1.46 million in fees and $730,057 in revenue, indicating active user engagement and trading volume.
Technical indicators show cautiously optimistic outlook
Solana is showing signs of bullish momentum. If the bulls succeed in pushing the price beyond the $180 resistance level, it could pave the way for further gains. Overcoming this obstacle could lead GROUND towards the next key resistance at $190.
Maintaining this upward trajectory could lead to an ambitious attempt to breach the $200 mark. If the bullish pressure increases further, the altcoin could target $250 as its next target.
Conversely, a shift in market sentiment toward the bearish could change Solana’s fortunes. If SOL fails to maintain its momentum, a fall below the critical support level of $170 could occur. Continued bearish pressure could push the price down to the next support level of $150.
Solana’s technical indicators on the daily chart reveal a cautiously optimistic outlook. The Moving Average Convergence Divergence (MACD) indicator is showing a potential bullish crossover, with the MACD line crossing above the signal line.
Additionally, the average directional index (ADX) at 12.32 reflects a weak trend. Solana’s 4-hour chart reveals recent bullish momentum. The Relative Strength Index (RSI) is at 65, suggesting that SOL is approaching overbought territory.
Solana Price Forecast| Source: Commercial view
Additionally, the Awesome Oscillator (AO) has a positive value of 5.08. This positive momentum is marked by green bars, indicating increasing bullish momentum. AO has been showing consistent positive bars, consistent with the potential upward price movement seen in candlestick patterns.
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