Solana’s price has surged by 5.4% in the past 24 hours, now trading at $153.21 as of 4:54 a.m. EST. This price jump has also boosted the trading volume, which surged by 7% to $2.5 billion within the same period.
Over the past week, Solana has maintained a positive trend, gaining 10% and rising from $138.46 to its current level. This strong upward momentum highlights Solana’s overall market strength despite still being below its all-time high of $259.96. The recent gains suggest increasing investor confidence and the potential for further growth if the bullish sentiment persists.
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I believe $SOL #Solana will hit the $1,000 mark in the upcoming Bullish Rally…✍️ pic.twitter.com/YKSGrmsgiq
— Captain Faibik (@CryptoFaibik) July 15, 2024
Despite recent setbacks, Solana’s on-chain metrics and derivatives suggest a potential market reversal. Concerns about SOL’s bearish momentum might be unwarranted, as the network shows no signs of stress. Solana’s robust network performance and solid metrics provide a strong foundation for a possible rally, with the potential to break past the $160 mark, a level not seen in over five weeks.
Solana Price Statistics
- Solana price: $153.21
- Market cap: $71 billion
- Trading volume: $2.5 billion
- Circulating supply: 464 million
- Total supply: 580 million
Solana Bulls Gear up for a Bullish Momentum Striving Within the Falling Wedge
Solana’s price is showing promising signs of a bullish rally. Recently, the bulls have regained momentum at the $127.048 support level, driving the price higher. This movement suggests that the bulls have the strength to break through the upper trend line of the falling wedge pattern. If they succeed, it significantly increases the chances of a bullish crossover, potentially leading to even higher prices.
Technical analysis of SOL indicates a strong bullish trend. The market is currently trading above both the 50-day and 200-day simple moving averages (SMAs), suggesting that the bulls are in control. If this momentum continues, the distance between the price and these SMAs could widen significantly, benefiting the buyers.
Technical indicators suggest that Solana is poised for a continued upward trend, with the potential for significant gains if the current momentum is maintained. The relative strength index (RSI) also points to a potential bullish crossover. The RSI is rising above the 50-midline level and heading towards the 70-overbought zone. If this trend persists, Solana might even reach a new all-time high (ATH).
Additionally, the moving average convergence divergence (MACD) indicator supports this bullish outlook. The histogram shows increasing green bars, and the blue MACD line has crossed above the orange signal line, reinforcing the likelihood of a bullish crossover.
SOL Price Prediction
Despite the recent downturn forming a falling wedge pattern, there are signs that the bulls are gearing up for a bullish rally. The current support zone has proven to be robust, providing a solid foundation for the bulls to stage a comeback. If the bulls succeed in pushing the price above the falling wedge, it could invalidate the bears’ attempts to drive prices down further. This breakout could set the stage for a significant upward movement, targeting a price of $245.89.
However, the market remains vulnerable to bearish pressure. If the bears manage to overcome the bulls and push the price lower, the market could retreat to the $127.048 support level. This level has acted as a crucial support in the past, and its failure could lead to further downside risks.
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