Solana-SOL price has risen by 2.5% in the past 24 hours, reaching $182.87 on a day when the entire crypto market saw an 8.5% increase.
Currently, Solana's value has increased by 25% in a week, and 21% in a month, with the altcoin achieving impressive returns in the past year of up to 800%. These gains have enabled it to rise to number 5 in the market in terms of market cap, surpassing Lido Staked Ether (STETH) and just behind Binance Coin (BNB).
Given the momentum the currency has achieved in recent months, there is nothing preventing it from achieving further rise in the coming weeks
Solana price expectations: After it becomes the fifth largest currency in the world, will it be able to surpass Ethereum?
SOL is looking good on its charts, as it has fallen slightly in the past hour, but is now poised to enjoy a short-term rally.
As for technical indicators, the Relative Strength Index (RSI) - shown in purple - declined to approach the value of 50 earlier this morning, but rose again, showing the return of momentum.
On the other hand, the 30-day moving average (30 DMA) - shown in orange - looks promising, as it has continued to rise above the 200-day moving average - shown in blue - which is one of those signals that we see during periods of growth.
A similar signal came from the resistance levels - shown in red - and support levels - shown in green - which are rising in parallel again after Solana began to recover at the end of last week.
All of this, in addition to today's $5 billion trading volume, indicates that Solana has enough momentum to achieve gains over the next few days, before witnessing a slight correction.
These increases follow positive news this week regarding the potential approval of spot ETH ETFs.
Although this news directly affects Ethereum (ETH), it has undoubtedly increased overall market optimism, with some traders believing that this makes the existence of a Solana ETF possible.
It seems that only time will reveal the validity of these expectations, and Solana's prospects remain positive as the currency enjoys foundations that are considered among the strongest in the market.
Meanwhile, its total booked value (TVL) currently stands at $4.9 billion, representing an increase of nearly 250% since the beginning of the year. It should be noted that the main reason for this increase is that the Solana blockchain has become a choice for meme currencies and non-fungible tokens (NFTs), as its transaction volume often exceeds the volume of Ethereum transactions.
Therefore, Solana's price appears to be in an ideal position to maintain its growth, with the possibility of reaching $200 in the next few weeks, and $250 by the fourth fiscal quarter.
