Crypto
Solana Price is Changing Hands at $40: Here’s What Could Happen
Solana price has not displayed any upside over the past two days, despite the rotation in market capital from the flagship cryptocurrency Bitcoin to the altcoins. The altcoin has dipped by nearly 4% over the last day, changing hands at the important $40 level. At press time, the SOL price was trading at $39.90 with sideways movement over the past 24 hours. Even so, the digital asset has recorded a 23% gain over the past week and a 72% increase in the month to date, while other tokens hardly saw double-digit gains.
Where to Next?
Solana has been one of the most bullish cryptocurrencies this year, surging a staggering 304% in the year to date. The cryptocurrency has been at the forefront of the impeccable rally among altcoins in the decentralized finance (DeFi). Investors and analysts are wondering if SOL can mimic the previous bullish rally to its all-time high of $260.
However, Solana’s lack of bullish strength in the past 48 hours has investors wondering if the asset’s bull run is over. SOL’s total market cap has declined by more than 4% over the last day to $16.7 billion, ranking it 7th after USDC, while the total volume of the SOL token traded over the same period slumped by 20%.
The Solana price has been in the limelight this year, skyrocketing from its yearly lows into a new high on the back of a spike in market volatility. The asset’s recent bullish price action is impressive when considering higher timeframes. A year ago, the crypto market experienced one of the biggest crypto winters in history caused by the collapse of Sam Bankman-Fried’s FTX exchange. The Solana price plunged massively to $8 due to its relationship with FTX and Alameda.
Even so, Solana has shown resilience over the past year, more than doubling its value since last month. On Wednesday, the altcoin broke above the important resistance level of $40, hitting an intraday high of $46.65 before pulling back. Now that the token is approaching the resistance level at $50, market participants are anticipating further gains.
Solana Price Analysis
Solana price has been hovering around $40 over the past few days, its highest level since August 2022. During this period, the digital currency has been struggling to maintain its position above this level, suggesting an exhaustion from its recent rally. Solana remains above the 50-day and 200-day exponential moving averages, as well as the 100-day and 200-day exponential moving averages. Its RSI is in the overbought zone at 71, indicating an increase in demand and buying pressure.
Despite the minor pullback, the bulls seem to still be in control of the SOL price. As such, bulls need to gather momentum to push the Solana price to $50 and $60. On the other hand, a drop below $40 might push the price lower, invalidating the bullish thesis.
SOL Price Chart
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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