Solana Price Forecast: Is Breakthrough Above $150 a New Beginning for SOL?

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Is Breakthrough Above $150 a New Beginning for SOL? – Crypto News

Published

1 year ago

March 9, 2024

Dripp

Solana price forecast: SOL has recently witnessed an exceptional surge in its value, overcoming the $150 resistance level just yesterday. This significant growth led to an over 3% increase in Solana price, briefly touching $147.22 after a minor correction, showcasing the most notable performance among altcoins for the day.

Solana price forecast

Recently, Solana broke through the $150 barrier, a peak it hadn’t reached since January 2022 before it slightly pulled back. This achievement marks a significant milestone for the digital currency.

Solana Price Forecast: Recent Surge and Market Momentum

Solana currently occupies the fifth spot on CoinMarketCap, with its market cap reaching $65.59 billion. This represents a growth of over 3%, signaling a rising interest from investors. In contrast, its trading volume has seen a decline of more than 8%, totaling $5.24 billion over the last day.

This cryptocurrency has been on an upward trajectory, trading between $140 and $150 for about a week. Such activity has culminated in a breakthrough above the upper resistance level. Over the last seven days, Solana has enjoyed a growth of over 13%, and over the past month, it has surged by 40%. This performance positions it as the top-performing Altcoin over the last year.

Solana’s Ascend Amidst Broader Market Trends

Solana’s market presence is experiencing a notable surge, driven by an increase in DeFi trading volumes on its network. Recent figures from DeFiLlama show that the trading volume on Solana’s decentralized exchanges has hit $10.18 billion over the past 24 hours.

This achievement outpaces Ethereum’s DEX volume, which recorded $2.32 billion in the same period. A significant factor behind this uptick is the popularity of meme coins on Solana, which benefit from the blockchain’s lower transaction fees.

Solana Price Forecast: Bullish Trends and Future Potentials

The cryptocurrency is currently on a promising upward path. Market observers suggest that maintaining this positive trend could see Solana aiming for a resistance level of $160 in the near term. The continued upward movement in its price also suggests the possibility of reaching the $200 mark, indicating a substantial recovery in its market standing.

However, if Solana encounters resistance at this key level and cannot break through, a downward correction could be on the horizon. In such a case, the $120 support level would become crucial, potentially facing significant pressure if the downward trend takes hold.

The 24-hour technical indicators for Solana (SOL/USD) are signaling a bullish trend. The Bollinger Bands display an upper limit of $150.91 and a lower limit of $90.48, containing the current price action. The MACD stands at 2.62, with the signal line at 7.39, suggesting upward price momentum. The histogram bars on the MACD are green and growing, which corroborates the increasing buying pressure.

The Relative Strength Index (RSI), hovering above the 70 mark, suggests an overbought scenario. Solana’s price, currently at $147.67, is well above the 20-day Simple Moving Average of $120.69, further supporting the bullish outlook.