Solana Price Prediction as $1 Billion Trading Volume Comes In – Are Whales Buying?

cryptonews.com:

The price of Solana (SOL) has dropped by 6% in the past 24 hours, with its fall to $25.61 coming as the cryptocurrency market as a whole dips by 1% in the same period.

SOL remains up 16% in a week and by 64% in the last 30 days, with the altcoin also having risen by an impressive 150% since the beginning of the year. 

As with other altcoins, SOL has benefitted hugely from the positive outcome to Ripple's case with the SEC, and with its trading volume still hovering around $1 billion, it could see more gains in the near future.

Solana's chart suggests that the altcoin may be correcting after a very vigorous rally towards the end of last week, with its indicators looking primed for further falls.

Its relative strength index (purple) has fallen below 50 after spending much of the weekend close to 80, meaning that SOL could decline further as the RSI makes its way towards 30 or 20.

At the same time, it's possible that SOL's 30-day moving average (red) has reached a peak relative to its 200-day average (blue), implying that it's due to come down and bring the altcoin's price along with it.

Indeed, SOL's price seems to be moving down towards the support level (green) it had set prior to the market-wide rally at the end of the week, meaning that it could see a price of around $23 before it begins rallying again.

Still, things look brighter for Solana on a fundamental level, with the cryptocurrency having recovered well this year after a 2022 marred by a number of damaging network outages. 

This has been helped largely by the fact that Solana has been able to record close to 100% uptime since its last outage in 2022, while it also ranks third for blockchains in terms of NFT sales volumes.

Because of all this, SOL is likely to continue