Solana’s Path to $500: SOL Volume Skyrockets to $2.5 Billion – Will It Surpass Ethereum Soon?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The price of SOL has risen by 1% today, reaching $153.69 as the wider crypto market loses 0.5% in the past 24 hours.
Solana is now up by 8% in a week and by 18% in a month, with the altcoin also commanding a 535% increase in a year.
Its gains today come as a its 24-hour trading volume hits $2.5 billion, a clear sign of sustained demand for the altcoin.
Meanwhile, with Solana looking forward to updates and continued growth, the SOL price is likely to continue rising in the near and more distant future.
After moderate declines over the past week, Solana is picking up again, with its indicators showing improved momentum.
Its RSI (purple) has jumped from a low 30 yesterday to nearly 60 today, a sign that buyers are returning.
The key level to watch is around $155: if Solana can break through this price it will have a go at climbing above its medium-term resistance (level), which is currently just above $160.
It’s possible that its ability to pass $160 depends on polling for the upcoming election, with the recent improvement in Trump’s numbers boosting bullishness.
Also, Solana gained strength from the recent news that Grayscale has applied to convert its multi-crypto digital fund – which includes SOL – into a fully fledged ETF.
Assuming that we see a Trump victory, SOL could continue rallying strongly, along with the rest of the market.
That said, Solana’s fundamentals are arguably strong enough that they don’t need a Republican win for SOL’s price to continue rising over the longer term.
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