Solana Price Prediction as Whales Hoard SOL – Is $1,000 in 2024 Inevitable?
Today, the Solana (SOL) price has recovered some of its losses from the past few days amid a broader market resurgence.
Whale investors seem to be holding their positions, suggesting potential for more gains in the near future.
Over the past 24 hours, the SOL token has increased by 8.41%, reaching a price of $137.93.
In a comeback, Solana has posted a weekly slight gain of 0.51%, despite losses from major cryptos like Bitcoin (BTC) and Ethereum (ETH) , which have retraced.
Despite being down 15.77% this month, Solana’s recent surge could signal renewed growth – continuing the altcoin’s impressive annual return of 667.92%.
Although Solana has fallen by 15.77% this month, it has still achieved an impressive return of 747.74% this year, far surpassing that of other leading cryptocurrencies .
With renewed positive price action, it seems that SOL is gearing up for further upside.
Most significantly, the Solana price has broken a key resistance level (grey) at $136.78, which had bound it in consolidation last week. This indicates strengthened buying pressure and could position Solana for further upward movement.
This is bolstered by the altcoin’s Relative Strength Index (RSI) (purple), which has surged from 5 to 65 within the last 36 hours. Such a dramatic rise in RSI underscores significant buying pressure and a possible shift towards positive short-term momentum.
Notably, the 30-day moving average (yellow) is currently trending upwards and approaching convergence with the 200-day moving average (blue).
A decisive crossover above the 200-day would validate this resurgence, indicating that short-term momentum is overpowering the wider downtrend.
While technical indicators suggest positive short-term price movements,
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