The Solana price has successfully retested its important support level, resulting in it surpassing the $240 mark. With this, the Solana token is back under the limelight of top investors and institutes as the crypto market highly anticipates a Solana ETF launch announcement in Q1 2025.
Amid such volatility in the cryptocurrency market, will the Solana price maintain its positive inflow and head toward a new ATH in the coming time? In this article, we bring you the possible short-term market trends and Solana price analysis!
The price of Solana has jumped over 7% in 24 hours with a trading volume of $8.497 billion. Moreover, this altcoin has added 23.16% over the last 30 days and has a YTD return of +24.16%. This indicates an increase in the bullish sentiment.
Considering the long-term prospects, the rising adoption and launch of more fundamentally strong projects in the Solana ecosystem could drive its price toward a new high. Moreover, a fundamentally strong upgrade/improvement in the Solana Network Congestion could also act as a catalyst in the SOL price surge.
The Simple Moving Average (SMA) has experienced a bearish convergence in the daily time frame. This highlights an increase in the selling-over-buying pressure for the altcoin in the cryptocurrency market.
On the other hand, the RSI indicator has maintained its value above the neutral point despite its average trendline recording a negative crossover. This suggests mixed-price action for the 05th largest crypto token by market capitalization this week.
If the Solana price holds its value above its important support level of $237.50, this could result in the Solana price retesting its immediate resistance level of $250. Maintaining the price above that level could set the stage for it to head toward its upper high of $270.
However, if the bears outrun the bulls, the SOL coin price could break down its important support trendline and plunge toward its lower support of $210 in the upcoming time.
Are you planning on stacking more SOL tokens before the altcoin season kickstarts? Read Solana Price Prediction to explore the possible long-term price prospects!
The Solana price can achieve this milestone price of $100 with a surge of 319.93% in its current valuation.
If the bullish sentiment sustains, the SOL coin price could achieve a high of $400 this year.
By the year 2030, the price of Solana could range between $716 and $1,351 if the bullish sentiment sustains.
At the time of writing, the value of one SOL crypto token was $238.13.
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