- November 8, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post Solana Price Prediction: Can SOL Price Reach New Highs as Bulls Drive Strong Recovery? appeared first on Coinpedia Fintech News
Since rebounding from the support level above $122 in early September, Solana (SOL) price has gradually gained bullish momentum akin to Bitcoin (BTC). For the first time since mid-March, Solana price has consistently closed above the daily falling logarithmic resistance trend. As a result, it is safe to assume that Solana bulls are in control again.
The large-cap altcoin pumped over 3 percent to retest the psychological target of about $200 for the first time since early April. Consequently, Solana, with a fully diluted valuation of about $115 billion and a daily average traded volume of around $6.3 billion, has held the fourth position as the most valuable digital asset after dethroning Binance Coin (BNB).
What’s Next for Solana Price Action
From a technical analysis standpoint, Solana price is well positioned to rally towards its all-time high in the near term in a similar way to Bitcoin. This recent Solana price prediction is further supported by Solana’s daily Relative Strength Index (RSI), which is on the brink of rallying above the 70 level, signaling the onset of a parabolic rally ahead.
However, Solana price could retrace and retest the support level above $180 in the coming days before continuing with the bullish trend.
Market Picture
As altcoins made huge runs post-US election, the rate of discussion toward crypto's top assets are directly correlating with price activity.
Most eyes are still on Bitcoin as traders see whether it can surpass $80K by the end of the week
— Santiment (@santimentfeed) November 7, 2024
The crypto market has gradually gained bullish momentum since the historic victory of Donald Trump as the 47th President of the United States. Additionally, the bullish sentiment was bolstered by the Fed’s decision to cut the benchmark interest rate by a quarter basis point, thus following in the footsteps of the Bank of England (BoE).
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The Solana market is expected to continue attracting more investors seeking to diversify their crypto portfolios. Moreover, the Solana network has emerged as a major player in the web3 sector, already challenging Ethereum’s dominance.
For instance, the Solana network registered over 5 million daily active addresses in the past 24 hours while the Ethereum network recorded around 400k.
