Solana (SOL) has rebounded from recent losses. Whale investors maintain their positions, hinting at potential future gains. Now we are looking for a broader market upturn.
SOL has risen 8.41% in 24 hours to $137.93. It posted a 0.51% weekly gain. This contrasts with losses from Bitcoin (BTC) and Ethereum (ETH) - the leading cryptocurrencies, taking everyone's attention.
At the moment, Solana boasts a 667.92% annual return. This year's return stands at an impressive 747.74%, outpacing other leading cryptocurrencies. A little too early to bury our favorite altcoin, right?
Solana's price has broken a key resistance level at $136.78. This suggests strengthened buying pressure, which is a clear sign of further upward movement. At least, we are used to think so.
The Relative Strength Index (RSI) has surged from 5 to 65 in 36 hours. This dramatic rise underscores significant buying pressure. It indicates a possible shift towards positive short-term momentum.
The 30-day moving average is trending upwards. It approaches convergence with the 200-day moving average. A decisive crossover above the 200-day would validate this resurgence.
So, technical indicators suggest positive short-term price movements. But what about long-term growth? Analysts agree it will likely depend on fundamental factors, you know, the ones we like to discuss so much.
Let's take a look. Solana's current market cap is $63.76 billion. It it possible to reach $1000 per token? Probably so, but it would require a market cap of $460 billion. Which is a miracle, because this is comparable to Ethereum's current valuation.
While ambitious, such growth isn't impossible. It would likely require a significant catalyst.
Experts speculate that recent Ethereum ETF approval may pave the way for other crypto ETFs. This could include Solana. Such a development could boost Solana's adoption and investor confidence. The famous altcoin could finally get on its long-term growth trajectory.