• 26 May, 2024
Market News Markets

Solana Soars: Analyst Predicts New All-Time Highs Amid Market Surge

Solana (SOL) has captured the crypto spotlight with an impressive rally, significantly boosting its market value and trading volume. Renowned crypto Jelle recently highlighted this surge in a post on the X platform, encouraging investors to prepare for new all-time highs.

In the past 24 hours, the price of Solana has surged by 12.93%, reaching $163.78 from its previous value of $143. This significant increase highlights the altcoin’s upward trend and the growing confidence of investors.

Solana’s market capitalization has experienced a significant increase, reaching $73.47 billion. This growth has solidified Solana’s position as the fifth-largest cryptocurrency by market cap. Furthermore, Solana’s 24-hour trading volume surged by 83.76%, reaching $4 billion. This increase in trading activity reflects the growing interest in Solana among traders and investors.

Source: TradingView

Data from DefiLlama, a DeFi analytics platform, shows that the Total Value Locked of Solana has been on the rise and it reached $4.505 billion. This milestone is the proof of the increasing trust and usage of Solana blockchain in the DeFi ecosystem.

Source: Image by DefiLlama

According to the analysis, if Solana’s price crosses the $170 resistance level, it would signal further bullish activity and maybe even take the cryptocurrency to $180. The continuation of this progress could lead to the Solana reaching the $200 resistance line in a short time.

On the other hand, a trend reversal would lead to Solana’s value dropping back to its $150 level. The seller dominance will be persistent and the price could reach a support zone at $120, which might mean the market is in a bearish phase.

The technical indicators for Solana on the 4-hour chart indicate a possible rise in the price. The Moving Average Convergence Divergence (MACD) indicator displays a bullish crossover. The MACD line goes up over the signal line, which implies a possible positive movement. The histogram’s positive zone shows that the bulls are dominating. 

Solana’s recent price rise and increasing market activity are proof that it is a strong player in the cryptocurrency world. Analysts and investors are closely monitoring Solana’s way to new all-time highs, which is promising, with key resistance and support levels determining its short-term performance.

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