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Is SOL’s Rally To $200 Imminent In March? – Crypto News

Published

1 year ago

March 1, 2024

Dripp

Solana price prediction: SOL has made remarkable strides in the past day, demonstrating a strong bullish pattern on its chart. Witnessing an impressive rally, Solana’s value has soared by over 14%, reaching a new year’s peak at $130. This surge is part of a wider market upswing spearheaded by Bitcoin, which has surpassed the $62,000 mark.

Solana Price Prediction: Surging to New Heights Amid Market Rally

The trading volume for Solana has increased by more than 127%, reaching $7.59 billion in 24 hours. This uptick indicates a growing interest among traders. Solana holds the fifth position on CoinMarketCap, boasting a live market capitalization of $57 billion.

Solana Price Prediction: Is SOL’s Rally To $200 Imminent In March? — Solana Price Prediction

Solana’s market gained traction after trading within a narrow band between $100 and $110 for approximately a week. This momentum led to a breakout beyond the resistance level. Despite a brief 5.85% correction, the bulls quickly took control, propelling the price by 13%. Consequently, Solana embarked on a bullish trajectory, surpassing the $125 resistance.

Dogwifhat Craze Fuels Solana’s Impressive Market Performance

Bitcoin has been at the forefront of the market’s rally, especially with the recent endorsement of spot Bitcoin exchange-traded funds (ETFs) on January 11. The anticipation surrounding the Bitcoin halving has also fueled a robust rally across various cryptocurrencies.

Solana price recent highs are attributed to the buzz around the Dogwifhat (WIF) meme coin, a Solana-based token. This frenzy saw the meme coin’s price jump 50% from $0.52 on February 27 to $0.79. Since its launch on December 14, 2023, WIF has skyrocketed by over 374%.

Solana’s ecosystem is thriving, with its DeFi ecosystem’s Total Value Locked (TVL) increasing by 40% over the past year to $2.5 billion. This ranks it fourth in the industry, trailing Ethereum, Tron, and BNB.

Solana Price Forecast As Technical Indicators Point to Continued Growth

Solana has reclaimed the crucial $130 level, laying the groundwork for future gains. If the bullish momentum persists, a move toward the $170 mark could be on the horizon, potentially escalating to $200. However, a reversal could see prices retract to the $110 support level.

Technical indicators for Solana are optimistic. The Relative Strength Index (RSI) hovers just above 70, suggesting an overbought, with bullish sentiment. The Chaikin Money Flow (CMF) index, at 0.21, indicates a positive trend. Moreover, placing the 20 Exponential Moving Average (EMA) above the 50-EMA underscores the likelihood of further gains.