#BinanceTournament #Megadrop #LayerZero #CPIAlert #EarnFreeCrypto2024 Solana price prediction: SOL has shown remarkable recovery over the past 24 hours after a bullish comeback sparked by significant market enthusiasm. The SOL price is currently hovering above $139, with more gains anticipated as investor sentiment continues to improve. As of the time of writing, the altcoin hovered at $139, with a strong surge of over 9% during the US trading hours.
This resurgence aligns with recent developments and investor optimism in the cryptocurrency sector, highlighting Solana’s growing appeal among digital asset investors.
Solana Price Prediction: What Next After SOL’S Sharp Rebound?
Solana price saw a modest decline over the past week, falling by more than 1%. The cryptocurrency fluctuated between $122 and $150, hitting its monthly low at $122 before a sharp rebound on Friday. Despite the recent downturn, the market is showing signs of recovery, with Solana poised for further gains.
cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, have recorded increases of 4%, 3%, and 12%, respectively, in the past 24 hours. This resurgence has also sparked interest in the Solana-based meme coin, Dogwifhat, which has soared by over 23% during the same timeframe. This suggests a growing momentum in the market as participants rally around these digital assets.
Increased TVL and Active Addresses
According to DeFiLlama, Solana is currently experiencing a strong bullish trend in the cryptocurrency market. The Total Value Locked (TVL) in Solana has reached a remarkable $4 billion, signaling robust growth and increased investor confidence.
Additionally, Solana has reported significant activity, with over 842 million active addresses engaging on the network within the same timeframe. The platform’s utility is also evident from its generated revenue of $516 million and fees amounting to $1 million in the last 24 hours.
Technical Indicators and Future Predictions
With the current market recovery gaining strength, forecasts suggest Solana price prediction could surpass the key resistance level at $130. This breach might signal an upswing in bullish behavior, setting sights on a $150 target. Solana may challenge the important $180 resistance mark if the upward trend holds.
On the other hand, increasing bearish dynamics could force Solana to regress, seeking support at the $130 level. A further drop might bring it down to the $120 support zone, reflecting a shift to a bearish market outlook.
The daily technical indicators for Solana show a slight market rebound, as reflected in the latest data from the chart. The Moving Average Convergence Divergence (MACD) shows a slight market surge. The MACD line shows a slight positive divergence from its signal line, hinting at potential bullish momentum in the near term. The Relative Strength Index (RSI) stands at 47. This figure indicates that Solana is neither overbought nor oversold, providing a stable market condition that might appeal to short-term traders.
The Awesome Oscillator (AO) indicator currently sits at -7.26, hinting at underlying bearish pressures, while the Chaikin Money Flow (CMF) indicates a slightly positive value at 0.04, suggesting an inflow of capital into the market.