The Solana price has seen a 1% increase during the last 24-hour period, aligning with a commensurate market-wide return observed today.
The price of SOL has seen a notable increase of just over 6% over the previous week, followed by an 18% surge over a two-week period and a remarkable 81% spike over the course of the prior month.
SOL emerges as the most high-performing token within the top-20 category for these specified time intervals. The currently available data indicates a growing interest from institutions and funds towards this particular token.
Therefore, it is probable that the price will continue to increase in the next weeks, perhaps concluding the year with a robust upward trend in the market.
The present article examines the price prediction of Solana (SOL) as it experiences a 6.65% increase during the third week of November. It explores the possibility of the ongoing bullish momentum sustaining in the future.
Based on a comprehensive analysis of SOL's indicators and chart, the cryptocurrency has a sustained positive trajectory, with its momentum persisting.
The 30-day average (yellow) continues to exhibit an upward trend, surpassing its 200-day average (blue). This suggests that the current period of growth is expected to last for an extended duration.
Furthermore, the Relative Strength Index (RSI) of SOL has once again beyond the threshold of 60, indicating a favorable purchasing pressure that still has room to further escalate.
Another notable indicator is the consistent trade volume of about $1 billion, significantly surpassing the levels of $150 million recorded during the months of August and September.
These quantities serve to emphasize the enduring popularity of SOL, as seen by a recent whale warning indicating a significant transfer of around $25 million worth of SOL from Kraken.
This observation may be seen as a positive indication, as it suggests that the token is now in a period of accumulation, perhaps leading to more price gains in the future.
As previously stated, SOL presently exhibits the highest level of popularity among altcoins in relation to the influx of funds, surpassing even Ethereum (ETH).
Hence, it is reasonable to propose that subsequent market-wide upswings would persist to be spearheaded by Solana, given its commendable performance in the year 2023.
This is apparent in the increasing total value locked in the system, as well as the uninterrupted uptime of 100% since the beginning of the year.
Therefore, it is anticipated that the Solana price will exhibit a persistent upward trend in the next weeks, with the possibility of reaching a value of $80 by the year 2024.