Solana Price Prediction as SOL Becomes 5th Most-Traded Crypto in the World – Adoption Rising?

cryptonews.com:

The Solana price has gained by 1.5% in the past hour, with the altcoin moving by 0% in the last 24 hours.

At $60.70, SOL has now risen by 5% in the past week and by 65% in the last 30 days, with its recent rise making it the fifth most-traded cryptocurrency in the market in terms of volume.

Much of SOL’s gains have come from traders returning to the token after it had a very bad 2022, yet it’s also clear that the rising use and adoption of the Solana blockchain is playing a key role.

This means that SOL should witness further gains in the coming weeks and months, particularly if the market enters a full-on bull phase next year.

Solana’s chart and indicators continue to look very good, with the coin maintaining enough momentum for more rising in the near future.

Its 30-day average (yellow) has now risen well beyond its 200-day, suggesting that SOL’s recent rallies haven’t run out of steam yet and are likely to continue.

Similarly, the coin’s RSI (purple) has risen over 60 and looks like it’s on its way back to 70, if not higher.

This would imply further price gains, and with SOL’s 24-hour trading volume now touching $2 billion, there’s certainly enough interest in the coin to sustain further increases.

Indeed, such volumes make SOL the fifth most-traded coin in the market, behind only Tether (USDT), Bitcoin (BTC), Ethereum (ETH) and USDC.

However, at the moment it seems that whales are leaning more towards selling the coin, as opposed to accumulating more of it.