As its dominance reached a new all-time high, Solana’s price soared to $244. SOL might double if it clears $245, given the increasing confidence of investors.
Source: BTC Wires
Key Points:
- At $243.46, Solana is only 8.5% from reaching its peak of $260.
- SOL’s market share increased to 3.83%, an all-time high.
- Of the top five coins, Ethereum’s market dominance fell the most year-to-date while SOL’s risen the most.
- As investor confidence rises, SOL might double if it makes $245.
With a 10.44% increase in the last day, Solana (SOL) is now trading at $243.46. With a staggering 101.66% increase, the trade volume has exploded to $10.17 billion, indicating increased investor interest. Its market dominance reached an all-time high at the same time as the increase, indicating rising investor confidence. This might raise demand for SOL and raise its price.
At present, Solana stands as the fourth largest cryptocurrency in the industry, with a market capitalization of $115 billion. The difference between it and the Tether USDT is only 12 billion. With an intraday increase of 2.40%, the SOL token is getting closer to the $250 psychological threshold.
The Price Performance of Solana (SOL)
The SOL price action on the daily chart displays a second successive bullish candle in formation. The uptrend is still going strong after last night’s 10% spike, with an intraday gain of 2.42%.
Source: Tradingview
The likelihood of a bull run beyond the $250 psychological threshold has increased according to its present trading position at $243. The Solana trend reversal in the weekly chart features a cup-and-handle reversal with a difficult psychological level of $250.
In addition, a descending triangle breakout rally is visible in the short-term price trend. This is the third time the breakout rally has occurred.
Technical Indicators:
MACD: With a higher probability of a bull run in the future, the Solana price trend begins the third positive week. The MACD indicator has crossed positively because of the increase in buying pressure.
Will the price of Solana reach $250?
Fibonacci numbers show that if the upward trend continues over $250, it may reach $600 or the 1.272 Fibonacci level. In the meantime, the Bull Run can target the $1850 level at the Fibonacci level of 1.618.
Solana Price Analysis Chart
Therefore, given the enormous potential, the price of Solana is probably going to reach an all-time high in 2024. Conversely, there may be a slight retest of the $250 level breakout during the breakout rally.
