Solana (SOL) Bounces Back with Strong Momentum Following Short-Term Correction

Solana (SOL) Price Movement

At the time of writing, SOL is trading at $59.12, reflecting a 2.72% increase in the last 24 hours.

If the price manages to surpass the $59.7 mark, there are indications that it will likely test the $62 resistance level.

Whale Transaction Impact

A crypto whale recently executed a significant transaction involving Solana (SOL) on the Binance exchange. The estimated worth of the transaction exceeded $10 million, involving 199,999 SOL. This move has fueled rumors among concerned investors about a potential sell-off following the whale transfer.

Ben Armstrong’s Prediction

Renowned crypto YouTuber Ben Armstrong has predicted that Solana will be among the top-performing cryptocurrencies in the next bull run. In a recent video, Armstrong referred to Solana as a “Christmas gift that just keeps on giving.”

Furthermore, Armstrong anticipates that Solana will secure the second-place position at the end of the bull run, just after XRP. Despite Solana’s previous track record, Armstrong not only foresees an increase in its price but also speculates on whether it could potentially surpass Ethereum in market value.

Market Analysis and Bullish Trends

The market perspective for Solana’s price movement is complex, according to technical analysis, with mixed signals from various technical indicators and moving average (MA) levels.

With an RSI (Relative Strength Index) of 67.52, Solana is seen exiting the overbought zone. This suggests that it is now trading within a range with some potential for volatility, and a brief correction might be on the horizon.

As of the latest data from CoinMarketCap, SOL is trading at $59.12, showing a 2.72% increase in the last 24 hours. Additionally, the trading volume has risen by 5.08%. A potential bullish scenario is anticipated if the price surpasses the $59.7 mark, targeting the $62 resistance level. Conversely, a bearish scenario could unfold if the price drops below the $56.4 level, testing the $51.7 support level.