The price of Solana has currently broken bove the $48 level. Rising from an intraday low of 43.27, SOL broke major resistance at the $44 level and has been on an uptrend since then. At the time of writing, the token is trading at $49.33 up by 10.5% in the last 24 hours.
In the case of an extended rally, one can expect the alt’s valuation to jump to a level as high as $58.4 in the next few days. A failure to break above any of the resistance levels could see the alt’s price dip back to $37.2.
However, if the price plunges, support can be seen at about $40. The coin’s price is now trading above the 50 and 100 MA, with a bullish crossover expected in the near future. The price has temporarily bounced back near the 100MA line, which is near $35.
Popular crypto analyst Crypto Dog on Twitter has made ultra bullish predictions for Solana. The analyst says SOL is set to hit a new all-time high soon.
Circulating supply & volume rise!
Solana’s circulation supply has risen sharply from 272 million to over 284 million in just two days, according to Messari’s data. Surprisingly, supply has rarely surpassed this level in the past. As a result, it can be assumed that there are more coins circulating among market participants at this time.
Solana’s volumes have also begun to rebound from their lows in mid-July. The present levels are strikingly similar to those seen in mid-April, when the alt was surging. Traders might expect SOL’s price to inch closer to its mid-May highs if buying-side volume picks up in the coming days