Solana Price Prediction as SOL Becomes 5th Largest Coin in the World – Can SOL Overtake Ethereum?
SOL has gained by 2.5% in the past 24 hours, with the Solana price reaching $182.87 on a day when the crypto market as a whole has gained by 8.5%.
Solana has now risen by 25% in a week and by 21% in a month, with the altcoin posting a very impressive 800% return in the past year.
Such gains have enabled the coin to rise to fifth in the market in terms of cap, ahead of Lido Staked Ether (STETH) and behind BNB.
And given the momentum it has accrued in recent months, there’s nothing stopping it from rising further in the coming weeks.
SOL’s chart is in a good position insofar as it has dipped a little in the past hour or so, and is now ready to enjoy another short-term rally.
Its relative strength index (purple) fell close to 50 earlier this morning but is climbing back up again, in a sign of returning momentum.
Also promising is the 30-day average (orange), which continues to rise further above the 200-day (blue), providing the kind of signal that you see during growth spurts.
Another similar signal comes from the resistance (red) and support (green) levels, which are rising in parallel again after Solana began recovering towards the end of last week.
Combined with a volume that has reached $5 billion today, this all suggests that Solana has enough momentum to post gains over the next few days, before correcting little.
Today’s rally comes following positive news recording the possible approval of spot-based Ethereum ETFs this week.
While this news most directly affects ETH, it has undoubtedly increased market-wide bullishness, with some traders believing that it also makes a Solana ETF likelier.
This is very bullish for Solana.
Remember, Solana does everything Ethereum does – and more – but faster, cheaper and more user friendly.
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