Solana Price Prediction as SOL Approaches $50 – Here are Key Levels to Watch Next

cryptonews.com:

The Solana price has gained by 5.5% in the past 24 hours, rising to $43.31 as the cryptocurrency market as a whole moves by only 0.5%.

SOL is now up by 12% in a week and by a whopping 89% in the last 30 days, making it comfortably the best-performing top-100 coin over this period.

And with the altcoin having increased by just over 330% since the start of the year, it seems that its momentum isn’t running out anytime soon, and that more gains may be incoming.

Solana’s chart continues to show considerable strength, with its indicators remaining bullish and showing no signs of falling just yet.

In particular, its RSI (purple) is creeping towards 80, having been above 70 since the last couple of weeks of October.

Some analysts may be inclined to think that SOL is due to correct downwards soon, yet the fact that the RSI is rising again is an encouraging sign.

So to is the fact that the coin’s 30-day average (yellow) is rising even more aggressively beyond its 200-day average (blue), a clear sign that SOL is consolidating to new higher levels.

The coin’s support also reinforces the impression, especially when SOL’s few dips over the past couple of weeks have been only very brief and slight.

It’s also highly bullish that SOL’s 24-hour trading volume is now so elevated, having risen from around $300 million a month ago to around $1.75 billion today.

This signals ongoing strong interest in the coin, although recent data suggests that some whales may be preparing to sell SOL, now that it has risen so impressively.