Solana Price Prediction as SOL Bounces 11% From Recent Bottom – Is The Sell-Off Over?
SOL has gained by 9% in the past 24 hours, with the Solana price reaching $189 on a day when the crypto market as a whole has recovered by 6.5%.
The altcoin is now up by 11% in relation to its seven-day low, while also remaining up by 71% in a month and by 730% in a year.
Such gains underline how SOL retains plenty of medium- and long-term momentum, which is still strong enough to push its price further in the coming days and weeks.
And when combined with the possibility of an increasingly bullish market, SOL could reach new highs in later months.
SOL’s chart would suggest that the recent short-term selloff has already run its course, with its indicators showing a resurgence in momentum.
From just under 30 a few days ago to 60 today, SOL’s relative strength index (purple) is signalling an increase in buying pressure, once which could carry the coin’s price further in the next few days.
Likewise, Solana’s 30-day average (yellow) has risen back above the 200-day (blue) after briefly falling below the latter yesterday, a sign that it may have entered a new bullish phase.
It’s particularly encouraging in this regard that SOL’s 24-hour trading volume has risen above $8 billion, a figure which is nearly 200% up from where it was a month ago.
Transfer data suggests that whales are still moving SOL to exchanges, so the price could dip again in the near term before stabilizing.
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