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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Oct 21, 2024 06:15 UTC
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Solana Price Prediction: $350 ATH Soon? Watch These Levels
Solana's price has surged significantly in recent days, outperforming Bitcoin and Ethereum.
Technical analysis suggests that Solana is poised for further gains, with a potential target of $350.
The growth of Solana's web3 ecosystem, particularly its meme coin space, is contributing to its bullish momentum.
Solana (SOL), a leading layer-one blockchain network, has held steady above the crucial $120 support level since April and now looks ready for a major rally to a new all-time high (ATH). With a fully diluted market value of about $99 billion and an average daily trading volume of $3.8 billion, SOL jumped over 6% in the past 24 hours, trading at around $170 on Monday, October 21, during the early European session.
Recently, Solana’s price has surged ahead of both Bitcoin (BTC) and Ethereum (ETH), showing strong investor confidence in the altcoin market. Many expect a shift in capital toward altcoins, as history shows that crypto market value often leads to cash rotation ahead of price rallies.
Solana (SOL) Technical Analysis
From a technical analysis standpoint, Solana broke through the $161 resistance level after multiple attempts since the August 5 crypto crash. Its daily Relative Strength Index (RSI) has now risen toward 70, a signal of growing bullish momentum.
In the two-day chart, Solana is forming a bullish pennant and is currently retesting resistance set by a falling logarithmic trend. Crypto analyst ZAYK Charts suggests Solana could reach $350 in the midterm if this bullish trend continues.
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Why Bet on SOL?
Solana’s network has grown into a robust Web3 ecosystem, holding over $6.4 billion in total value locked (TVL) and a stablecoin market cap of more than $3.5 billion. This growth is driven in part by its thriving meme coin sector, which boasts a market cap of over $11.5 billion and a daily trading volume of about $2.6 billion.
With solid technical indicators and expanding network activity, Solana appears primed for its next move up. Investors are watching closely to see if this rally takes SOL to new heights. Are you betting up or down?
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