Solana Price Forecast: Is Breakthrough Above $150 A New Beginning For SOL?

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9 Mar 2024

Solana price forecast: SOL has recently witnessed an exceptional surge in its value, overcoming the $150 resistance level just yesterday. This significant growth led to an over 3% increase in Solana price, briefly touching $147.22 after a minor correction, showcasing the most notable performance among altcoins for the day.
Solana price forecast
Recently, Solana broke through the $150 barrier, a peak it hadn’t reached since January 2022 before it slightly pulled back. This achievement marks a significant milestone for the digital currency.

Solana Price Forecast: Recent Surge And Market Momentum

Solana currently occupies the fifth spot on CoinMarketCap, with its market cap reaching $65.59 billion. This represents a growth of over 3%, signaling a rising interest from investors. In contrast, its trading volume has seen a decline of more than 8%, totaling $5.24 billion over the last day.
This cryptocurrency has been on an upward trajectory, trading between $140 and $150 for about a week. Such activity has culminated in a breakthrough above the upper resistance level. Over the last seven days, Solana has enjoyed a growth of over 13%, and over the past month, it has surged by 40%. This performance positions it as the top-performing Altcoin over the last year.

Solana’s Ascend Amidst Broader Market Trends

Solana’s market presence is experiencing a notable surge, driven by an increase in DeFi trading volumes on its network. Recent figures from DeFiLlama show that the trading volume on Solana’s decentralized exchanges has hit $10.18 billion over the past 24 hours.
This achievement outpaces Ethereum’s DEX volume, which recorded $2.32 billion in the same period. A significant factor behind this uptick is the popularity of meme coins on Solana, which benefit from the blockchain’s lower transaction fees.

Solana Price Forecast: Bullish Trends And Future Potentials

The cryptocurrency is currently on a promising upward path. Market observers suggest that maintaining this positive trend could see Solana aiming for a resistance level of $160 in the near term. The continued upward movement in its price also suggests the possibility of reaching the $200 mark, indicating a substantial recovery in its market standing.
However, if Solana encounters resistance at this key level and cannot break through, a downward correction could be on the horizon. In such a case, the $120 support level would become crucial, potentially facing significant pressure if the downward trend takes hold.
The 24-hour technical indicators for Solana (SOL/USD) are signaling a bullish trend. The Bollinger Bands display an upper limit of $150.91 and a lower limit of $90.48, containing the current price action. The MACD stands at 2.62, with the signal line at 7.39, suggesting upward price momentum. The histogram bars on the MACD are green and growing, which corroborates the increasing buying pressure.
Solana Price Forecast: Tradingview
The Relative Strength Index (RSI), hovering above the 70 mark, suggests an overbought scenario. Solana’s price, currently at $147.67, is well above the 20-day Simple Moving Average of $120.69, further supporting the bullish outlook.
The post Solana Price Forecast: Is Breakthrough Above $150 a New Beginning for SOL? appeared first on CoinGape.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin (BTC) Bulls and Bears In Tight Fight, Altcoins to Lead Next Rally?

Bitcoin News: Low Bitcoin funding rates signal a stable trading climate. With flat open interest, spot traders dominate while leveraged traders are cautious

STORY HIGHLIGHTS

Bitcoin open interest remains flat with leveraged traders watching on the sidelines.
There's a solid influx in spot bids hinting at $700 million in Bitcoin purchases.
The Bitcoin growth cycle can continue another 150 days as per aSOPR metric.

As the Bitcoin price hits its new all-time high of $70,000 on Friday, the biggest question in the investor community is will this rally continue. As of press time, BTC faces partial retracement currently trading at $68,423 with a market cap of $1.325 trillion.

Bitcoin Bulls and Bears In Tight Fight

Renowned crypto analyst CrediBULL crypto has highlighted a notable dynamic in the Bitcoin market, shedding light on the ongoing battle between spot buyers and passive sellers.

According to the analysis, there has been a significant influx of spot bids, amounting to approximately $700 million in Bitcoin purchases within a narrow price range. Despite this aggressive buying activity, the price of Bitcoin has struggled to make significant upward progress, with passive sellers currently capping the price.
The key question posed by CrediBULL crypto is which side will exhaust their resources first: the passive sellers or the active buyers. With open interest (OI) remaining flat, the analyst suggests that the current market dynamics primarily involve spot buyers and sellers, with leveraged traders largely observing from the sidelines.
Moreover, funding rates in the market are relatively low, indicating a healthy environment for trading. CrediBULL crypto expresses optimism about the potential for a multi-thousand dollar upside move if active buying pressure persists and overwhelms passive sellers. The Bitcoin ETFs have continued strong buying with BlackRock’s IBIT hitting new highs with $12 billion in holdings.

However, in the event that sellers maintain control, any potential dip in the market is expected to be limited in magnitude. With minimal leverage in the market due to the lack of open interest, significant downside liquidations are less likely.
In conclusion, CrediBULL crypto emphasizes the overarching trend of Bitcoin’s price appreciation over time and advises investors to view dips as buying opportunities, anticipating eventual upward movement in the market.

Bitcoin Growth Cycle Can End in 150 Days

On-chain platform CryptoQuant throws light on the Bitcoin trends using the aSOPR metric. The Adjusted Output Profit Ratio (aSOPR) represents the ratio of spent outputs (those existing for more than an hour) in profit at a specific time window. This adjustment is achieved by excluding the movements of coins that existed for less than an hour.

When the value of aSOPR is above ‘1’, it suggests that more investors are selling their assets at a profit. Conversely, values below ‘1’ indicate that more investors are selling at a loss.
Examining data from past cycles, CryptoQuant notes that growth phases typically span between approximately 83 to 387 days. Taking the midpoint of this range, the average duration stands at approximately 235 days. Based on the current trend, with the ongoing growth period having lasted 138 days, it suggests a potential scenario where the Bitcoin growth cycle might conclude within the next 100-150 days.
Other market analysts predict that once the Bitcoin growth cycle takes a halt, the altcoins will lead the show of the next leg in the broader market rally.

Solana Price: Will SOL Price Hit $200?

Discover the latest insights into Solana (SOL) price performance and its possibility of rising to the coveted $200 mark.
Solana (SOL) price has been steadily increasing, hitting a two-year peak and surging over 680% in the last year due to a expanding ecosystem. The DeFi ecosystem of Solana is thriving with more than 125 protocols and a TVL exceeding $7.56 billion.The platform also hosts stablecoins worth over $2.7 billion and is making significant strides in the Decentralized Exchange (DEX) industry, with Jupiter as the largest DEX. As Solana’s ecosystem grows, the possibility of its price reaching $200 becomes a topic of discussion.

Solana Price Market Performance

Solana Price Market Performance Chart
Solana price has demonstrated impressive market growth, trading at $147.83 presently. Within the last 24 hours, SOL increased by 3.75%, and over the previous year, it surged by 661.40%. In just the past week, its price rose by 10.25%. It holds a market cap of $65.51 billion, ranking it fifth on CoinMarketCap. Trading volume in the last 24 hours reached $5.36 billion, marking an 11.58% increase.
The token’s robust trading activity is evident with an 8.63% volume-to-market cap ratio. A significant portion of the total supply, 443.13 million SOL out of 571.37 million SOL, is in circulation, indicating the cryptocurrency’s increasing importance and reliability in the market.
Recently Solana shone in the crypto market as it scooped the CMC Crypto Award of the Year, for its demonstration of resilience and innovation, thereby attracting the interest of investors. This together with the recent rally of Dogwifhat (WIF), a Solana-based token, significantly contributed to SOL’s price increase.

Analysts Predictions

A renowned crypto trade Altcoin Sherpa outlined his optimistic forecast for Solana. Emphasizing its potential, he indicated that SOL, currently ranked fifth by market capitalization, is poised to break all-time highs. Speculating on the extent of this surge, he proposed a range between 250% and 600%, with price targets of $500 considered probable and even $1,000 deemed within the realm of possibility.
Sherpa’s analysis suggests that Solana’s token has already demonstrated significant momentum, and after surpassing the $140 mark, it is poised to encounter resistance levels around $174 and $202. These important achievements mark significant moments in SOL’s advancement, showcasing itself as ‘Ethereum Killer’ and its ability to establish a unique position in the cryptocurrency market. Despite being valued at $147 currently, Solana’s past peak of around $260 in November 2021 demonstrates its growth potential.

$SOL: This will cleanly break all time highs this cycle, the only question is how high. $500 is probable, something obscene like 1000 isn't out of the question imo. Still one of my bigger bags. $170 next level up #Solana pic.twitter.com/CCSRChLvmD
— Altcoin Sherpa (@AltcoinSherpa) March 7, 2024

As market dynamics continue to evolve, SOL remains an asset of interest for investors seeking substantial returns.
Another analyst Crypto Capital Venture, recently emphasized that monitoring Solana’s price chart holds significance for crypto enthusiasts, particularly Bitcoin holders, as Solana’s performance often acts as a leading indicator for the broader altcoins market during bullish cycles. Predictions suggest Solana’s price could surge to $235, based on historical patterns indicating further upward movement. Excitement surrounds Solana’s recent breakout and sustained uptrend, with past forecasts showcasing significant growth. Despite Bitcoin’s consolidation post-rally, Solana’s momentum remains robust, signaling potential growth opportunities.

Solana Price Forecast

Solana’s technical analysis presents a compelling case for a bullish trend, with various indicators pointing towards upward momentum. The Moving Averages (50) and (200) both signal a “Buy” sentiment, indicating a strong upward trajectory over these periods. Additionally, the MACD confirms positive momentum, further supporting the bullish outlook.

However, to assess Solana’s potential to reach $200, it’s crucial to consider both resistance and support levels. While resistance levels at $145.27 and $160.33 serve as significant hurdles that Solana must surpass to achieve the $200 milestone, support levels provide a safety net for potential price corrections or pullbacks.
The support levels identified in the pivot points analysis—$107.73, $122.79, and $145.27—act as critical levels where buying pressure may emerge, preventing Solana’s price from falling further. These support levels are crucial in providing stability to Solana’s price action and serve as key areas for traders to monitor for potential entry opportunities.

Conclusion

Considering the analysis provided in the article, including Solana’s impressive market growth, expanding ecosystem, and bullish predictions from analysts, there’s a strong indication that Solana has the potential to reach $200. Factors such as its current price performance, the momentum in its ecosystem, and the positive sentiment among analysts suggest that hitting the $200 milestone is feasible for Solana soon. However, achieving this target may depend on overcoming certain resistance levels and navigating market dynamics effectively. As such, traders and investors should exercise caution and employ risk management strategies when considering Solana’s potential to hit $200 soon.