Solana Price Prediction: Can SOL Reach $250 in the Next Bull Run? (2024)

Solana price prediction: SOL experienced a significant rise in market value recently, increasing over 4% in the last 24 hours. The Solana price surged past the $160 resistance level and currently stands at $168, demonstrating strong positive momentum in its trading pattern.

Solana Price Prediction: Bulls Eyeing $200

The market capitalization has also seen an upward movement, now standing at $75 billion, which marks a 3.21% increase. However, trading volume over the past 24 hours has declined by 18.18%, totaling $3.5 billion. The circulating supply of Solana is reported to be 448 million SOL out of a total supply of 576 million SOL.

In the past week, Solana has experienced a 9% surge despite some minor declines, highlighting its volatile nature. The price fluctuated between $150 and $168 over the past few days, reflecting a general uptrend. Solana has surged from $130 support level to the current prie above $160, over the past week, indicating ascending trend.

NFT Engagement Boosts Solana’s Appeal

Solana has seen a significant increase in first-time wallets engaging with its NFTs over the past week, especially within top collections. Recent data from Tiexo shows a slight rise in Solana NFT volumes, mainly driven by these collections.

The number of unique wallets has surged by 159% in the last seven days, reaching about 180,000. The most notable growth came from first-time wallets, which jumped by over 39% to surpass 56,000. This uptick in activity signals growing interest and participation in the Solana NFT ecosystem, highlighting the platform’s expanding appeal among new users.

With the current bullish trend, SOL Price could break the $170 resistance, signaling a revival in bullish activity. This breakout may push the valuation close to $190. An eventual move toward the $200 resistance level is possible, and with increased bullish pressure, SOL might hit $250 in the next run.

Conversely, a market downturn could see the coin retract to the $155 support line. If bearish trends dominate, the price may drop to $150, marking a bearish shift. Despite potential setbacks, current recovery trends suggest the altcoin is poised for further gains, indicating a promising outlook for Solana.

Technical Indicators Signal Potential for Further Gains

The 4-hour technical indicators for Solana suggest a bullish outlook. The Moving Average Convergence Divergence (MACD) shows a bullish crossover. The MACD line is above the signal line, indicating upward momentum. The Chaikin Money Flow (CMF) indicator has shown a positive reading of 0.29, signaling an influx of buying pressure in the Solana (SOL) market.

The Awesome Oscillator (AO) is displaying a positive value of 8.70, indicating a shift in market momentum favoring the bulls. Additionally, the Relative Strength Index (RSI) is at 72.75, signaling that Solana is in overbought territory, which often suggests strong buying pressure.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.