Solana Price Prediction as SOL Rallies Past $150 Zone – New All Time High Incoming?
SOL has gained by a very modest 0.2% in the past 24 hours, with the Solana price moving to $154 today and posting a 13% increase in a week.
The coin does, however, remain down by 11% in the last 30 days, although it sits on an impressive 600% rise in a year.
This shows just how strong SOL has been in recent months, and with its medium- and long-term momentum remaining promising, it could easily achieve a few more rallies in the near future.
Solana Price Prediction as SOL Rallies Past $150 Zone – New All-Time High Incoming?
SOL’s chart is definitely in a good place right now, with its indicators continuing to signal ongoing growth.
After taking a dip earlier this morning, SOL’s relative strength index (purple) has just climbed over 50 and looks ready for another ascent towards 70.
Source: TradingView
Something similar applies to the coin’s 30-day average (orange), which rose above the 200-day (blue) a couple of days ago and still has space to rise further.
Another bullish sign comes from SOL’s resistance (red) and support (green) levels, which are not only rising but also converging towards each other at a higher level.
This could suggest that a big jump isn’t too far away, with Solana’s trading volume currently standing at a healthy $3.2 billion.
134,509 #SOL (20,738,302 USD) transferred from unknown wallet to #Binancehttps://t.co/btX8sWX3Qh
— Whale Alert (@whale_alert) April 23, 2024
However, there are signs that whales may still be in selling mode, meaning that the Solana price could dip once or twice before we see a concerted recovery.
That Solana and the wider market are both a little shaky right now is perhaps not surprising, given that last week’s Bitcoin halving has put pressure on miners.
We’re also in the middle of an unsettled period in terms of macroeconomics, with the latest reports suggesting that the Federal Reserve may delay its much-anticipated rate cuts.
Still, such cuts will arrive sooner or later, while the last Bitcoin halving will – if history is any guide – gradually boost demand.
This will help the Solana price return to growing ways, with the coin remaining one of the strongest in terms of its fundamentals.
Indeed, the Solana blockchain’s total value locked in currently stands at $4 billion, having risen by over 800% since November as demand has grown for SOL-based meme coins and NFTs.
$8,000,000 in solana nft volume in the last 24 hours pic.twitter.com/rLgYIIUkC6
— degen poet (@solanapoet) April 15, 2024
Such trends will push the coin’s price higher, potentially reaching $300 by the final quarter of the year.
Newer Meme Tokens For Market-Beating Gains
While Solana is one of the strongest and most established alts in the market right now, many traders may want to diversify into newer, smaller-cap coins as well.
This can maximize their exposure to potential upside, with a handful of newer tokens currently holding presales that could end with them rallying big.
For instance, Slothana (SLOTH) is a Solana-based coin that has raised more than $10 million in its hugely popular presale.
Hold onto your branches, Slothana faithful! We’re gearing up to drop some major news: the official launch date is on the horizon! Get ready to mark your calendars and set your alarms, because a countdown timer will soon grace our site. Let the hype for the Slothana…
— Slothana (@SlothanaCoin) April 14, 2024
Its sale will end in just under six days, with the speed with which it has raised over $10 million suggesting that it could have a big listing.
Not only has it arrived at a time when demand for Solana-based meme coins is still high, but it has been successful in growing an already decent-sized community.
One encouraging feature of Slothana is that it has already managed to build a sizeable community.
Its official X account now reaches over 23,000 followers, for example, suggesting that investors are liking the coin’s playful use of sloth memes and clever marketing.
To join the coin’s sale, investors will need to do is go to the Slothana website, where they can buy as much SLOTH as they want, at a rate of 1 SOL for 10,000 SLOTH.
The coin’s airdrop will follow the sale’s closure, while it will then list on numerous trading platforms, where its history up until now suggests it could surge.
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