Solana Price Prediction as SOL Bounces 6.7% – New Rally Starting?
SOL has jumped by over 6% in the past 24 hours, with the Solana price rising to $186 on a day when the market as a whole has recovered by 3%.
Today’s lift means that SOL is still down by 7.5% in a week, yet it sits on a 25% gain in a fortnight and an 83% increase in the last 30 days.
The coin has also ballooned by 800% in the past year, making it the best-performing top-20 coin of this period.
And with the market looking as though it’s about to bounce back after a short-term correction, the Solana price could rally considerably in the coming weeks and months.
SOL’s chart has reached a point where the token is ready for a recovery breakout, with its indicators moving in positive directions.
Its 30-day average (yellow) flipped its 200-day average (blue) this morning, forming a golden cross that often signals stroke rallies to new levels.
It’s in this context that SOL’s relative strength index (purple) is also suggesting bullish things, with its level rising from 30 at the end of last week to nearly 70 today.
This suggests strong buying pressure, with a level of 70 allowing for further gains before the coin enters decidedly overbought territory.
What’s also interesting is that Solana’s trading volume has risen from $2.5 billion to $3.5 billion in just under 24 hours.
This is potentially a signal that big volume is about to return to the token, with the past few days witnessing several big SOL transfers.
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