The Layer 1 blockchain Solana has seen a significant rise in the last 24 hours. It is known for being fast and having low transaction fees. After the market as a whole got better, Solana’s price prediction looks optimistic.
The altcoin is still holding strong investor trust as it stays above the important $150 support level.Solana’s price has gone up by 6% to $153 during European trade hours. According to CoinMarketCap, its market value is now around $71 billion, making it the fifth-largest cryptocurrency. The trade volume has also grown significantly, going over $2 billion, a 28% rise.
Solana’s price has gone up by 10.40% in the past week, moving between $134 and $153, showing major changes. This shows a strong comeback during a time when the crypto market as a whole is becoming more stable. Even though it has been hard to keep going up since it hit a monthly low of $123, the altcoin has shown strength by having strong buying and selling forces.
Solana’s Price Surge
Solana’s price has gone up by 10.40% in the past week, moving between $134 and $153, showing big changes. This shows a strong comeback during a time when the crypto market as a whole is becoming more stable. Even though it has been hard to keep going up since it hit a monthly low of $123, the altcoin has shown strength by having strong buying and selling forces.
DeFiLlama says that the cryptocurrency market is currently going up, which is good for Solana. Total Value Locked (TVL) for the network has hit an impressive $4.707 billion, which shows that investors are confident in Solana’s decentralized finance (DeFi) protocols and that a lot of money is flowing into them.
Solana’s market capitalization for stablecoins is currently $3.4 billion, which shows how important it is to the DeFi business.Solana has made fees worth $1.68 million and sales worth $839 million in the last 24 hours, showing that it is becoming more financially active. As the current upward trend picks up speed, there is a chance that SOL’s price will go above the important $160 support level.
This breakthrough could mean that prices are going to rise again, with a possible goal of $190. If things keep going up, SOL could even try to break through the important $200 limit.Solana could fall to the first support level of $130, though, if there is more selling pressure. A further drop could test the security around the $120 area, which is a sign that the market might start to go down.
On the 4-hour chart, you can see that technical signs show that the price of SOL has been going up recently. The Chaikin Money Flow (CMF) indicator has gone up strongly, which could mean that there is more pressure to buy.
The Awesome Oscillator (AO) has changed from red bars to green ones, which means that recent trading sessions have had good momentum. This set of indicators may show that investors are optimistic, which is in line with Solana’s recovery from earlier drops.
After getting close to “overbought,” the Relative Strength Index (RSI) has risen to 77, which shows strong buying activity. This usually means that there is a chance of a market decline or pullback. The Moving Average Convergence Divergence (MACD) indicator, on the other hand, shows an upward trend. The MACD line has crossed above the signal line, which makes buyers even more optimistic.
