Anticipating Solanas Price Will it Reach 350 ATH Soon Keep an Eye on these Levels
Solana, a leading blockchain network, has experienced a significant surge in price recently, surpassing both Bitcoin and Ethereum. According to technical analysis, Solana shows signs of further growth, with a potential target of $350. This bullish momentum is attributed to the expansion of Solana’s web3 ecosystem, particularly in the meme coin space.
Since April, Solana has maintained its position above the crucial $120 support level, indicating its readiness for a major rally to a new all-time high. With a fully diluted market value of approximately $99 billion and an average daily trading volume of $3.8 billion, SOL has seen a 6% increase in the past 24 hours, reaching around $170 during the early European session on Monday, October 21.
Solana’s recent price surge has outpaced both Bitcoin and Ethereum, demonstrating the growing investor confidence in the altcoin market. Many experts anticipate a shift in capital towards altcoins, as historical data suggests that cash rotation often precedes price rallies in the crypto market.
From a technical analysis perspective, Solana successfully broke through the $161 resistance level after multiple attempts following the August 5 crypto crash. The daily Relative Strength Index (RSI) has now risen to around 70, indicating a strengthening bullish momentum.
In the two-day chart, Solana is forming a bullish pennant pattern and is currently testing resistance set by a falling logarithmic trend. ZAYK Charts, a crypto analyst, suggests that if this bullish trend continues, Solana could reach $350 in the medium term.
Solana’s network has evolved into a robust Web3 ecosystem, with a total value locked (TVL) of over $6.4 billion and a stablecoin market cap exceeding $3.5 billion. The growth of Solana’s meme coin sector has also played a significant role, boasting a market cap of over $11.5 billion and a daily trading volume of approximately $2.6 billion.
With strong technical indicators and an expanding network activity, Solana appears to be well-positioned for its next upward move. Investors are closely monitoring this rally to see if SOL reaches new heights. The question remains: will you bet up or down?
Tags: Altcoins, Price Analysis