๐ฅSolana Price Update: SOL Drops 5% in 24 Hours โ Future Price Prediction
๐ Solana Price Update
Solana (SOL) has dropped by 5% in the past 24 hours to $134.66 as the crypto market declines by 1.5%. This drop follows the German government's continued sale of 50,000 BTC confiscated in January 2024. Despite this, SOL is up 10% in a week, although down 11% in the past 30 days. Over the past year, SOL has surged by 512%, showcasing its long-term growth potential.
๐ Future Price Prediction
SOL's relative strength index (RSI) has plunged to 30, indicating an oversold position. Its 30-day average has fallen below the 200-day average, suggesting a potential correction soon. Support and resistance levels are nearing each other, potentially signaling a big move. Trading volume has risen to $3 billion, indicating increased market activity.
๐ Recovery Prospects
With the upcoming launch of Ethereum ETFs, Solana's price is expected to recover. The possibility of Solana ETFs, with VanEck filing for its SOL fund, also bodes well. Solana's popularity as a layer-one network for meme tokens and rising transaction volumes further support its bullish outlook.
๐ก Price Targets
Solana could hit $150 in the next month and potentially return to $200 by Q4 2024, especially with anticipated rate cuts in the fall.