Will the Solana (SOL) rally continue?

Solana, which hosted the memecoin supercycle, achieved the most striking statistics of 2024. The total locked asset (TVL) value of the Solana blockchain, which was around $ 1 billion at the beginning of the year, increased to $ 9.257 billion as of the time of writing. The popular blockchain started to generate an average daily income of $ 15 million.

Solana, which hosts memecoins such as $BONK , WIF, PNUT, ACT, GOAT and MEW, is running to record highs with the increasing number of users. The $SOL price reached $ 262 in the morning hours, marking an all-time high (ATH).

#Solana (SOL) analysis

According to AMBCrypto's analysis, Solana, whose upward momentum is strengthening, may reach $ 300 by the end of the year.

SOL continues to attract new investors. Open Interest (OI) reached an all-time high of $6.03 billion in the last 24 hours. This data was interpreted as demand from derivatives also supporting spot demand.

Despite the positive outlook, the Relative Strength Index (RSI) created a bearish divergence. The data in question indicates that there may be an increase in selling pressure. AMBCrypto said that the increase in short selling is remarkable and that investors should be cautious against the changing market sentiment.

The analysis noted the following;

“This month, bullish market sentiment reached new highs, but SOL was already overbought. SOL's next major target will be $300, which could be achieved soon if the market maintains its current momentum.”

The analysis stated that if cryptocurrencies, especially $BTC , remain strong, the SOL price will continue to rise. Nevertheless, the analysis stated that sharp price movements could be seen with the start of profit taking.