Highlights:
- Solana Price has increased 0.11% today to trade at $187, a multi-month high.
- Solana has notably flipped BNB’s market cap, reclaiming fourth place among the top cryptocurrencies by market cap.
- The anticipated Fed Rate Cut could further boost Solana encouraging investment in undervalued crypto assets.
The Solana price has skyrocketed 0.11% today to trade at $187, a multi-month high on Thursday, Nov 7. Solana has notably flipped BNB’s market cap, reclaiming the fourth position in the top cryptocurrencies by market cap. However, its daily trading volume has plunged 49% to $4.83 billion, indicating a recent fall in market activity.
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Meanwhile, today is the FED meeting, where a 25 bps rate cut is anticipated. Following Trump’s victory in the US presidential election, the rate cut could create a new wave of positivity in the investment space and the crypto market. The pioneering cryptocurrency, Bitcoin, will be pivotal, setting the tone for the entire crypto market, including Solana.
The FED will cut interest rates today
Prepare for this global liquidity cycle & #crypto pic.twitter.com/vVRw7jhgv7
— Quinten | 048.eth (@QuintenFrancois) November 7, 2024
Rate cuts usually boost liquidity, benefiting high-growth sectors like Crypto, which could see renewed interest as investor sentiment shifts.
Solana Statistical Data
Based on CoinmarketCap data:
- SOL price now – $187
- Trading volume (24h) – $4.83 billion
- Market cap – $88.51 billion
- Total supply – 587.95 million
- Circulating supply – 471.58 million
- SOL ranking – #4
After a slight correction on November 4th to $154, the Solana price has surged parabolically, printing a long green candle with its wick touching $187. This recent surge comes as Trump’s victory as the 47th President of the U.S. ignites optimism in the crypto sector.
Trump is viewed as a crypto-friendly president hence ‘’the crypto president’’ compared to Democrat Kamala Harris. According to an AFP report, Trump has pledged to make the United States the “Bitcoin and cryptocurrency capital of the world.”
Solana Price Spikes as Bullish Momentum Builds
The bulls have put their best foot forward leaving the bears with nothing but total dust. This is evident as they have flipped the key moving averages into immediate support in the market. Meanwhile, the $151 and $157 zones are major support areas, steadying the upward momentum.
Additionally, the ‘’Golden Cross’’ in the Solana market validates the bullish sentiment. This means the short-term moving average (50-day) has crossed above the long-term (200-day), igniting a long-term bullish thesis.
There is room for more upside before the SOL token is considered overbought. Currently, the RSI sits at the 65.89 level, tilting the odds toward the buyers. If the buying pressure persists at this level, more upward is expected, potentially targeting the $200 mark.
The MACD notably upholds a bullish outlook as the blue MACD line has flipped above the orange signal line. This calls for traders to rally behind SOL unless the MACD changes. As the momentum indicator hurtles toward the positive territory above the neutral level (0.000), the path with the least resistance stays on the upside.
Will the SOL Bulls Maintain the Pace?
Based on the technical information above, the bulls have entirely taken the reigns, stacking the odds in favor of the buyers. The Golden Cross in the SOL market bolsters further upward movement. If the buying strength persists, the SOL price could hit the $200 mark in the short term.
On the other hand, some consolidation may occur if the SOL price crosses over to the 70-overbought territory. However, in case of a pull-back, the bulls could build momentum around the $166 support level, cushioning against further downside.
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