Solana Price Update
The Solana (SOL) crypto has experienced a nearly 9.8% intraday surge, currently trading at $143.79.
Technical Indicators and Short-Term Outlook
Technical indicators suggest a bullish outlook in the short term, with the crypto finding support from the 20 and 50 EMA.
The Solana price has extended its upward momentum for the second consecutive day, marking a nearly 10% increase. The crypto is trading near the day’s high, with potential for further gains by the end of the session.
Bulls have regained control after a breakout from a short-term correction phase, surpassing the previous swing high. The 20 and 50-Day EMAs have provided dynamic support, propelling SOL higher.
Recently, Solana broke above the previous swing high of $120 and completed a successful retest. A potential move beyond the weekly high and recent swing of $140 may pave the way for a continued rise towards $150.
If the price breaches the $150 level, it could encounter resistance, potentially becoming a significant hurdle for buyers. Successful overcoming of this level may lead to higher targets of $170 and $180.
Solana Crypto Volume Analysis
The volume analysis indicates that SOL received $6.155 Million in the last 24 hours, reflecting a 36.59% decrease compared to the previous day. SOL’s live market capitalization is $64.116 Billion, ranking 5th in the overall crypto market.
The volume-to-market-capitalization ratio is 9.74%, indicating mild volatility. SOL 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 above the 20, 50, and 200-Day EMAs, suggesting a short-term positive trend. The RSI line is hovering at 73.83, and the 14-Day SMA line is at 62.87 points, both above the mean line, indicating a positive sentiment. A bullish crossover of the EMAs further supports the continuation of the trend.
Solana Price Prediction for March 2024
The most optimistic outlook predicts a potential rise to $180 in March 2024 if the price surpasses the $150 level. Conversely, a bearish scenario anticipates a break below the recent support of the 20-Day EMA, potentially retracing to the 50-Day EMA.
Solana Crypto Price Prediction for 2024
For the year 2024, the price analysis suggests that the SOL token could reach a high of $266, indicating a potential gain of over 84.4% under favorable conditions. A less optimistic outlook anticipates the crypto reaching $209.
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