Solana’s price has rebounded to $145 as global unrest settles, and technical indicators suggest that the crypto asset may head towards a new high.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
Solana SOL $144.2 24h volatility: 1.9% Market cap: $76.60 B Vol. 24h: $5.43 B may have finally broken out of its recent downtrend, following an almost 10% increase in market value over the past 24 hours.
The coin rose from $128.34 to a high of $145, and current technical indicators suggest that SOL could be on track to reach $161 in the mid-term.
Between June 16 and 23, Solana went on a downtrend, facilitated by several unhealthy market conditions, including geopolitical tensions in the Middle East. The coin, which was previously trading at $157.84, dropped to a low of $128.34 during this period.
However, SOL has now shown signs of recovery. At press time, it was trading at $144.70, marking a 7.91% increase over the past 24 hours.
Other key metrics also appear strong, with SOL’s market capitalization standing at $76.88 billion and trading volume reaching $6.11 billion, a 29.86% increase in the last 24 hours. If this upward momentum continues, SOL could break through to a new local high in the coming days.
The coin first broke out of a descending channel before inching towards a high price. Judging from on-chain charts, Solana’s MACD has flashed a bullish crossover. Also, its 12-period Exponential Moving Average (EMA) has exceeded the 26-period EMA.
This suggests that buyers are taking control from sellers, a momentum that, if sustained, could lead to a further price rally for Solana.
When the value of SOL dropped to $131.93 on June 22, the coin had just slipped below its realized price of $132.35.
Solana Daily Price Chart | Source: TradingView
Given the current shift in sentiment and technical setup, Solana’s price may soon break above the 20-period Exponential Moving Average (EMA). The rising Relative Strength Index (RSI) also signals growing bullish momentum.
Supporting this optimism, Everything Blockchain recently announced plans to deploy $10 million into Solana and other top cryptocurrencies, aiming to leverage the growing momentum and adoption of these leading altcoins.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.