Highlights:
- Solana price rally breaks $170, signaling a bullish market trend.
- High trading volumes reflect growing investor interest in SOL price.
- Technical indicators show potential overbought status.
Solana (SOL), a Layer 1 blockchain, gains momentum as the crypto market braces for a potential altcoin surge. Recent price actions indicate a bullish trend may be forming, raising hopes for significant price appreciation. SOL is making a bid to break out from the bearish pattern that has constrained its performance for over six months, signaling a possible shift in trend.
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This surge is partly fueled by the growing memecoin craze, contributing to Solana’s strong performance. In addition to Solana, tokens like Dogwifhat (WIF) and POPCAT show exceptional growth within the same ecosystem.
Solana Price Surpasses $170 Mark Amid Bullish Trend
The Solana market rally is skyrocketing as the coin is nearly set to break the $175 resistance level. The upward momentum also shows that a robust bullish trend is at play which could catapult the cryptocurrency towards the $180 mark.
As Solana’s value climbs, it stands out among other cryptocurrencies, defying the recent market downturn. Holding the fifth position in market capitalization demonstrates the market rise. This ongoing skepticism may hint at Solana’s capacity for further upward movement.
📈 Solana is outperforming most altcoins as prices are looking to rebound after a big fall Wednesday. The #5 market cap asset continues to be a prime example of how the crowd usually gets it WRONG. View the current bearish sentiment as a sign SOL can continue to pump. pic.twitter.com/pRkCnyxRxh
— Santiment (@santimentfeed) October 23, 2024
The Solana price has seen a notable surge, currently standing at $174.63, marking a 5% rise over the last day. The cryptocurrency has experienced a significant trading range between $164 and $174.
According to CoinMarkeCap data, market capitalization has reached $82.10 billion, reflecting a 4.75% gain. Trading volume surged by 39.22%, amounting to approximately $4.23 billion in the past 24 hours. This uptrend indicates robust investor interest and market momentum in Solana’s ongoing developments.
Over the last month, Solana has indicated an 18% uptrend. The cryptocurrency has bounced back strongly from the Monthly low of $ 148 to reach $ 174. Just one week ago, Solana was starting its ascent, blazing 14% in a week. This continuous upward trajectory highlights Solana’s solid performance in the market.
Coinglass data shows that there has been significant trading of Solana’s SOL derivatives. Trading volume soared by 41.93% to $9.69 billion. Derivatives open interest has increased 12.05% to $3.40 billion. This indicates a robust interest and active trading in Solana options markets.
Can SOL Price Hit $200 This Week?
Solana is witnessing a substantial market rally, with its price poised to breach the $175 resistance level. This upward momentum suggests a robust bullish trend, potentially elevating the cryptocurrency towards the $180 threshold. If this positive trend continues, the layer one price may soon approach the formidable $200 resistance level, surging by more than 15%.
On the downside side, if the bearish trends gain traction, the Solana price could retreat to the $170 support level. A dominance of sellers could further drive the price down to approximately $165, indicating a shift towards a bearish market sentiment. With increased bearish pressure, there’s a possibility that Solana could revisit the $150 mark.
According to 24-hour technical indicators, the SOL price shows strong uptrend momentum. The Relative Strength Index (RSI) at 71 on Solana indicates an overbought condition. There may be a medium-term potential pullback or stabilization of price. The Chaikin Money Flow (CMF) indicator, meanwhile, indicates that the healthy buying pressure is at 0.16.
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