Solana Price Prediction as Price Hits $47: Is a Steady Climb Ahead?

cryptonews.com:

The Solana price has jumped by 6% in the past 24 hours, with the altcoin gaining by 5% in the past hour alone.

This puts SOL at $49.56, marking a 28% gain in a week and a 121% increase in the last 30 days, while the altcoin has also increased by nearly 400% since January.

This makes SOL one of the best-performing major tokens of 2023, yet with its price still 80% below its record high (of $260), it still has plenty of space to rise even further.

There’s little doubt that SOL is in the middle of a strong upswing at the moment, with its indicators all in bullish positions.

Its 30-day average (yellow) continues to rise strongly above its 200-day (blue), while its price is surging beyond both, signalling a big breakout.

At the same time, its relative strength index (purple) has risen above 80, and while this could mean that it’s entering overbought territory, it could remain above 70 for quite some time yet.

Other bullish signs include its support level (green), which has increased consistently since the end of September and which is really ramping up now.

What this means is that, even if SOL dips a little in between surges in the next few weeks, it’s probably not going to dip very far.

It’s also important that SOL’s trading volume has risen so much, from barely above $150 million in mid-October to $3 billion now.

This would indicate that whales may have begun buying up the token in large quantities, although this can work both ways whenever larger traders want to take profits.