Bittime - Solana (SOL), a rising cryptocurrency, is once again attracting the attention of investors and analysts. SOL price has just broken through the $150 mark and appears to be preparing to enter a new bullish phase.
This reminds us of Bitcoin's recent moves, and begs the question: will Solana hit its all-time high (ATH) again soon?
Currently trading at $152, Solana is approaching the golden ratio resistance level ($170) – just 10.6% away. If it manages to break this crucial level, Solana may start a new bullish cycle and potentially return to the ATH around $260 (recorded on November 6, 2021).
However, technical indicators across various timeframes paint a mixed picture of Solana price movement.
Bullish Long Term
The monthly chart shows an upward trend in the MACD (Moving Average Convergence Divergence) and RSI (Relative Strength Index) indicators which are in the overbought (overbought) region.
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Medium Term Bullish
The weekly chart is also dominated by bullish signals, although the presence of the RSI in the overbought region potentially indicates a bearish divergence (difference in price trends and indicators).
Mixed Short Term
The daily chart displays several bearish signals alongside bullish ones. The MACD indicator on the daily chart shows a downtrend even though the MACD line is still bullish. The 4-hour chart also paints a similar mixed picture.
Despite the mixed signals, renowned analyst and CEO of Real Vision, Raoul Pal, believes that “Solana is the Ethereum of the last cycle.”
In an interview on Rug Radio's YouTube channel, Pal explained that the cycle is currently in the midst of a strong uptrend, which could lead to a 30% decline in the short term.
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However, he argues that 2024 is the year of "crypto summer" (a massive rise in crypto prices), with the potential for Solana prices to rise between 235% and 570% from current levels.
Pal's sentiments are echoed by other experts, such as Zeta Markets Founder Tristan Frizza, who predicts Solana will enter the top three blockchains by market capitalization.
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This prediction is supported by Solana's soaring on-chain activity (blockchain activity), even surpassing Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined.
Apart from that, institutional investors are also planning for mass adoption. Pantera Capital, for example, is considering a $250 million investment in FTX's SOL.
Meanwhile, meme coin market Solana is approaching a market cap of $7 billion, representing 10% of the total meme coin market.
With the current volatile crypto market conditions, investors and analysts will continue to monitor Solana's price movements and on-chain activity to see if these bullish predictions will come true.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Solana (SOL) Future & Solana ETF Predictions
What is a Solana Virtual Machine (SVM)? Understanding the Core Technology Behind Solana
Why Solana Price Dropped Today
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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