Solana (SOL) has down 1.4% in the last 24 hours. The price of SOL retreated after slight gains in the last 24 hours. At the time of writing, SOL was trading at $31.11. SOL is also up around 3% over the past week.
Solana Price Prediction
The total capitalization of the cryptocurrency market in the last 24 hours has increased nearly 5% to exceed $1 trillion. At the same time, many altcoins traded in the green zone, with Ethereum making double-digit gains.
However, SOL failed to register significant gains, as evidenced by its price which trades between 30 and 32 dollars. This indicates low volatility. The course realized by SOL is different from that observed on most of the cryptocurrency market.
In the past 24 hours, SOL reported trading volumes of approximately $1.44 billion, which represents an increase of 42% compared to the previous day. This is healthy volume, showing that traders are interested in the token.
SOL is currently the ninth largest cryptocurrency, with a market cap of over $11 billion. If SOL can mimic the performance of the broader cryptocurrency market and rally, it could test the next level at $35 before surging towards $40.
SOL recorded a strong bullish rally in November last year, when it hit an all-time high of $259. However, the token has since fallen from that level by around 88% amid the bearish trend seen for most of this year.
Technical indicators show SOL could be heading for a trend reversal. The Relative Strength Index (RSI) shows that the token is in the overbought zone, indicating that a reversal could be underway.
The movement of the MACD line (Moving Average Convergence Divergence) also shows that the trend is bullish. The MACD line is above the signal linewhich could be attributed to the slight gains SOL made after the rally in the broader cryptocurrency market.
If the uptrend proves to be strong, SOL might head towards $50. However, the cryptocurrency market has been moving sideways over the past few weeks, indicating that the current trend may also be reversing. This could lead to SOL falling below $30,000 if the downtrend is strong enough.
New cryptos are making big gains
While Solana is trading sideways, some new cryptocurrencies are attracting attention and could lead to 10X gains in the short term. Among the best cryptos to invest in to diversify your portfolio include Dash 2 Trade, IMPT and Calvaria.
Dash 2 Trade is a new cryptocurrency project aimed at improve investments. The platform gives traders trading signals that will help them make informed decisions when trading. D2T’s pre-sale raised over $2.6 million with the first stage completed.
TAX is another top cryptocurrency you might consider investing in. The IMPT presale has officially sold out its first stage after collecting $10.8 million. The second stage is now open. IMPT.io is a project that aims to reduce carbon emissions through blockchain.
The other presale in progress is that of Calvaria (RIA). Calvaria is a play-to-earn gaming platform that seeks to transform the blockchain gaming space. The Calvaria pre-sale is more than 50% complete, with the aim of raising 300,000USDT before the end of the first stage.
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Can Solana (SOL) reach $1000 during the next uptrend?
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