Solana (SOL) Price Continues to Rise Against the Odds, Here Are Key Targets
The post Solana (SOL) Price Continues to Rise Against the Odds, Here Are Key Targets appeared first on Coinpedia Fintech News
Amid the ongoing crypto recovery led by Bitcoin (BTC) and Ethereum (ETH), the altcoin industry has registered bountiful gains in the past two days. Solana (SOL), a top-tier altcoin with a fully diluted valuation (FDV) of about $89 billion and a daily average traded volume of around $6.5 billion, pumped over 10 percent in the last 24 hours to trade about $153.61 on Wednesday, during the early New York session.
Following today’s Solana price rebound, altcoin is well-positioned to rally further in the coming weeks. Furthermore, the 200 weekly Moving Average (MA) has acted as a robust support level. Additionally, the weekly Relative Strength Index (RSI) has rebounded thrice on the 50 percent level in the recent past.
Santiment on Solana Price Action
— Santiment (@santimentfeed) August 7, 2024
Solana has been making some separation against other altcoins, surging +7.5% in the past 24 hours. SOL is a particularly sentiment driven cryptocurrency, and the #5 ranked market cap asset can continue to surge if the crowd shows disbelief. pic.twitter.com/PM9Nlx6OrX
According to market intelligence platform Santiment, Solana’s price action has gradually been decoupling from the rest of the altcoin industry in the past few days. Notably, Santiment showed that the positive sentiment vs negative sentiment ratio for Solana has been hovering around the lower end, depicting heightened crowd fear.
In this regard, Santiment expects Solana’s price to continue rising in the near term as the crowd continues to show disbelief.
Midterm SOL Targets
$Sol Moving inside the Bullish Pennat in 3D Timeframe
— ZAYK Charts (@ZAYKCharts) August 7, 2024
Expecting Breakout soon
From a technical standpoint, Solana’s price has been forming a potential bullish pennant on the higher time frame. According to crypto analyst ZAYK Charts, Solana’s price could break out soon to a new all-time high.
However, if the Solana price against the US dollar consistently closes below $120 in the coming weeks, heavy capitulation could be recorded in the near term.
Rising Adoption
For the first time since its inception, Solana’s price against Ethereum has reached a new all-time high. The Solana network, with nearly $5 billion in total value locked and over $3.5 billion in stablecoins market cap, has registered significant growth in its web3 on-chain activity.
