Based on current market trends, analysts from More Crypto Online predict that Solana (SOL) will soon reclaim its highs.
According to the analysts, while the broader altcoin market remains stagnant, Solana’s market cap has soared to $65.3 billion. The experts highlight that the platform’s ascendancy in the NFT domain remains robust, and the altcoin has secured over 51% market dominance, factors they believe will be critical drivers for SOL. This comes just days after Solana briefly topped Ethereum’s DEXs volume.
Additionally, they state that the activity within Solana’s ecosystem is witnessing a sharp increase, with a 15% rise in active wallets interacting over the last day, indicating a bullish future. This surge comes amid a general backdrop of cryptocurrency market fluctuations, where Bitcoin’s (BTC) stability is deemed crucial for further gains across the sector. The expert outlines that despite the positive trends, Solana has yet to surpass its all-time high. However, they state its total value locked is steadily climbing, suggesting the potential to reach previous peaks soon. They highlighted that Solana’s market valuation has remained strong, especially since October.
They point out that SOL’s current price trajectory suggests an upward movement, though it faces a critical resistance point at the $150 mark. They state that overcoming this hurdle depends on Bitcoin’s recovery and stabilization above the $65,000 threshold. The experts also pointed out Bitcoin’s current dominance at 55.2%, a critical factor influencing Solana’s price actions. The analysts remain optimistic about Solana’s potential to breach the 38.2 Fibonacci resistance level, which could set the stage for approaching all-time highs. These predictions come as other analysts also anticipate a Solana pump is coming soon.
Solana Price Review: How is SOL Doing Today?
Analyzing SOL’s price charts, we see a falling wedge, which signals a bullish reversal in the market. Solana is currently in a consolidation phase, which could lead to a potential bullish breakout. The converging trend lines indicate decreasing bearish momentum, and the eventual breakout from the upper line of the wedge can potentially result in a change in trend direction.
2-hour SOL/USD Chart | Source: TradingView
Looking at other indicators, the Woodies CCI (14) is below the zero line, suggesting that the overall momentum is still bearish in the short term. However, the indicator has shown some upward ticks, indicating that a change in momentum could be imminent. On the other hand, the Volume Oscillator has a negative reading, which typically shows lower trading volumes during the price decline. This might indicate a lack of intense selling pressure at these levels, which could support the potential for a reversal. Based on stats from CoinMarketCap, we see that SOL was trading at $146.31 as of 10:04 a.m. UTC, representing a 0.44% increase over the last 24 hours.
