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- 1 The Solana (SOL) crypto is up nearly 9.8% intraday and currently trades at $143.79.
- 2 Technical indicators imply a bullish outlook in the short term as the crypto has taken multiple supports from the 20 and 50 EMA.
The Solana price extended to thrust higher on the second consecutive day and jumped off nearly 10%. The crypto trades near the day’s high and might show more gains by the end of the session.
Moreover, the bulls have regained control after the price broke out of a short term correction phase and surpassed the previous swing high. The 20 and 50-Day EMAs have been acting as dynamic support levels. The SOL crypto took multiple supports from the EMAs and surged higher.
Recently, Solana witnessed a breakout above the previous swing high of $120 level and has completed the retest. Now, if the price breaks above the weekly high and recent swing of $140 level, it may resume its way towards $150.
On the higher side, $150 level may act as a supply zone and turn out to be a major hurdle for the buyers. If the buyers surpass it, then higher targets of $170 and $180 may be achieved.
Solana Crypto Volume Analysis
The volume analysis shows that the SOL crypto received $6.155 Million volume in the last 24 hours, which is 36.59% less than the previous day. The live market capitalization of SOL was $64.116 Billion, ranking 5th in the overall crypto market.
Moreover, the volume-to-market-capitalization ratio is 9.74%, indicating mild volatility in the crypto. It has a circulating supply of 443.01 Million tokens against a total supply of 571.2 Million SOL tokens.
Solana Indicator Analysis
From a technical perspective, the SOL token price trades higher above the 20, 50, and 200-Day EMAs, suggesting a short-term positive trend prevailing in the crypto.
When writing, the RSI line was hovering at 73.83, and the 14-Day SMA line was placed at 62.87 points. Both the lines were hovering above the mean line, highlighting the positive sentiment dominating the market. Also, a bullish crossover of the EMAs was observed on the charts which indicates the continuation of the trend.
Solana Price Prediction March 2024
The most optimistic outlook of our analysts assumes the price could resume its way up to $180 as the highest price in March 2024 if it rises above the $150 level. On the other hand, the bearish outlook of the analysts assumes the price may break below the recent support of the 20-Day EMA, after which it may retrace the 50-Day EMA.
Solana Crypto Price Prediction 2024
The price analysis for the year 2024 is that the SOL token could reach a high of $266, suggesting a potential gain of over 84.4% if the most favorable conditions prevail. Moreover, the less optimistic outlook of the analysts hopes for the crypto to attain $209.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
