We are up and running with our first buy recommendation for the new year. Solana is one of the best performing crypto and is on the track to make hefty gains this time as well.
In this article, we will analyse the current price action along with the weekly analysis and news roundup as well.
SOLANA Price Prediction
The current Solana price is $108.40 , with a 24-hour trading volume of $2.1bn . Price of SOL has increased by 8.11% in the last 24 hours, and by 6.24% since the start of the year. It is currently ranked 7th by means of the largest market cap, with a market capitalization of $46bn.
The price is bouncing from the horizontal support zone. Currently, the price is getting rejected from the horizontal S/R zone. if it breaks the S/R zone then we will see a further upward movement in SOL.
SOL has been on a bullish trend since breaking the $100 milestone. The price then corrected slightly, but found support at the $100 level, and resumed its upward momentum. SOL is currently trading above its 50-day and 200-day moving averages, indicating a strong positive sentiment among investors.
Weekly Price Analysis
SOL has had an impressive week, gaining more than 20% in the last seven days. The weekly chart shows that SOL has formed a clear uptrend channel, with higher highs and higher lows.
The price is also above the 20-week exponential moving average, which acts as a dynamic support level. The relative strength index (RSI) is in the overbought territory, suggesting that the price may face some resistance or consolidation in the near term. However, the RSI is also showing a bullish divergence, meaning that the momentum is still strong and the price may continue to rise.
Future Outlook
Solana’s future outlook is very optimistic, as the project has a lot of potential to grow and innovate in the decentralized finance (DeFi) sector. Solana’s blockchain platform boasts over 50,000 transactions per second, 400ms block times, and low fees, making it ideal for building fast and scalable dApps. Solana also has a vibrant ecosystem of projects and partners, such as Serum, Audius, Metaplex, Pyth Network, and more, that leverage its technology and network effects.
Solana’s price prediction for 2024 is also very bullish, as many analysts and experts expect SOL to reach new heights in the coming months. SOL may blast off to $200 in 2024, as the DeFi total value locked (TVL) on Solana jumps to $1.5 billion.
News Roundup
Here are the latest news bulletin relating to SOL:
- Solana is being flooded with thousands of new tokens, as traders hunt for the next 1,000x, creating a memecoin craze on the platform.
- Solana founder Anatoly Yakovenko throws next-level banter at Ethereum, claiming that Solana is faster, cheaper, and more secure than the leading smart contract platform.
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