Solana Price Prediction as Weekly Gain Hits 16%: Are Investors Flocking to SOL?
The Solana price has gained by 5.5% in the past 24 hours, rising to $36.71 as the cryptocurrency market as a whole barely moves today.
SOL has now risen by an incredibly impressive 16% in a week, as well as by 58% in a month.
This makes it one of the best-performing cryptocurrencies across such periods, while SOL has also achieved a 260% increase since the beginning of the year.
And with Solana continuing to recover traction as a layer-one blockchain network, it’s likely that SOL will only increase further over the next few weeks.
There’s no mistake that SOL has been rallying for the past few weeks, with its indicators all showing strong buying momentum.
Its 30-day average (yellow) has risen substantially above its 200-day average (blue), a clear sign of a breakout from a previous, lower level.
Just as impressively, SOL’s relative strength index (purple) has risen again to 80, barely a week or so after it had last been at this strong level.
More cautious traders may conclude that these signals suggest SOL’s rally is close to peaking, which may be the case.
However, it will be interesting to see if the altcoin can crack either $37 or $38.
If it can, we may see additional rises in the next few days, with SOL unlikely to fall back down to its levels from the start of October.
It has turned into a #Bitcoin and #Solana game. #TINA ie there is(are) no alternative(s) right now. Incredible to see. H/T @jbutterfill pic.twitter.com/JWuM6HmwGL
— InvestAnswers (@invest_answers) October 30, 2023
Nothing has happened in recent weeks in terms of big news to set off a Solana rally, with the altcoin also benefitting from market-wide positivity related to likely Bitcoin ETF approvals.
That said, Solana has been steadily rebuilding and recovering as
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