Solana, one of the top DeFI blockchains, has seen exponential growth over the years. In 2024, its native token, $SOL, is expected to change in price, according to predictions from crypto analysts. In this article, we will explore the current $SOL performance, and our main focus will be on its closing price for Quarter 3, 2024.
Source: Coinfomania
Solana’s ($SOL) Current Price
As of today, $SOL is trading around $133.10. The Solana market is huge, with close to $60 billion in total value. However, in the past months, Solana has been changing prices. In the last 24 hours, the price of $ SOL has gone down by 2.91% and 16.60% in the previous 30 days. Although the price drop is discouraging, crypto traders still hope that SOL will rise again.
Solana Market Stat
We will show you some important figures on $SOL in the Solana Market stat. This information will give you a quick overview of how the Solana blockchain has been performing over the years and what to expect over time.
Current Price: $129.60
Highest Price in the last 90 days: $189
Lowest Price in the Last 90 Days: $126
All-Time High: $260
Total Number of Traded Solana Coins: $466, 823, 417
Total Number Of Available Solana Coins: $583, 823, 417
What’s Expected of $SOL in Q3 2024 Closing
Solana native token, $SOL, could rise in price to $160 by the closing of Quarter 3, 2024. However, at $135 using the 4-hour timeframe, a strong resistance level awaits the price movement of the token. This means $SOL has to break the resistance level to see a continuous price movement towards $160. Failure to break the $135 resistance level could lead to a pullback below $126.
Using the MACD technical analysis tool, we can see that the sellers or short traders are getting exhausted. The red candles are fading and reducing in color and size. This could mean a possible uptrend is starting soon, and buyers or long traders are beginning to take over the $SOL market.
Will Solana Price Get to $160
If Solana continues with the current uptrend, and the token can break the $135.45 resistance level, the bulls might be able to push the price of $SOL towards $160 and beyond. However, it’s important to keep in mind that $ SOL’s failure to break the current resistance level could lead to a price crash below $126.
Bearish Vs. Bullish Sentiments
Currently, bearish market sentiment towards Solana stands at 27%, while bullish market sentiment is at 73% in the Solana Community. This means a small number of crypto traders believe $SOL will make a bearish move. And the majority of people in the crypto market believe that $SOL will make a bullish move.
Why is Solana ($SOL) Growing?
$SOL is the native token of the Solana blockchain network. Due to its cheap and fast transactions – Solana is one of the top blockchain choices for many developers and crypto investors. Also, the blockchain can handle larger transactions than other top blockchains like Ethereum and Bitcoin.
Risk to Pay Attention to When Trading Solana
Although Solana is expected to rise in value, crypto investment is highly risky. Solana’s failure to break the $135 resistance might lead to a crash in price. Traders and investors can lose and gain money in the process. Therefore, it’s important to research, keep your eyes open on crypto News, and pay attention to Charts before trading.
Conclusion
The Solana native token $SOL is trading around $133.20 as of the time of writing, and it is expected to rise above $160 by the close of Q3. Based on market sentiments and technical analysis, most crypto traders are optimistic about the token’s future. However, it’s important to Do your Own Research (DYOR) before investing in any crypto project.
The post Solana Eyes $160 as Sells Pressure Decreases: Price Prediction for Q3 2024 Closing appeared first on Coinfomania.
