Solana (SOL) price has recently experienced a notable increase in value. Currently, the cryptocurrency is stabilizing near a key support level, with bulls making efforts to propel its momentum further. This positive trend in SOL mirrors the general recovery observed across the broader markets.
Solana Price Analysis: More Bullish Ahead In This Sep?
Solana price has seen a significant rally over the past 24 hours, indicating bullish market sentiments. The altcoin price is hovering above $130, with a recent sharp uptick in its trading chart.
As of the time of writing, the SOL price is trading at $132.66, surging approximately 3.77% during the last day. According to CoinMarketCap data, the trading volume has spiked by 63.72%, indicating increased investor interest and market activity.
The daily technical indicators for layer one blockchain exhibit a discernible pattern of volatility.. A closer look at the Moving Average Convergence Divergence (MACD) indicates a potential shift in momentum. Despite the recent red bars on the histogram suggesting a bearish phase, there is a visible decrease in negative momentum, hinting at possible upcoming positive price movements.
Solana price Chart| Source: TadingView
According to Coinglass data, trading volume for Solana surged by an impressive 64.97% to reach $6.19 billion. Concurrently, open interest also saw a growth of 1.22%, amounting to $2.04 billion. This notable increase in both trading volume and open interest highlights a growing interest and potentially increased liquidity in Solana’s market activities.
Source- Coinglass
If the market trend turns favorable, the Solana price prediction might first target a price of $145. Subsequent surges could push it towards $150 and potentially even $180 during an uptrend. With increased bullish momentum, the price of SOL could soon reach the $200 mark.
Frequently Asked Questions (FAQs)
While optimistic, reaching $200 would require a significant market upturn and sustained bullish momentum.
Solana shows a notable increase in investor interest and market activity, indicating bullish market sentiments.
Increased trading volume and open interest suggest growing interest and potentially increased liquidity, which may lead to higher price stability or increases.
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