Solana Price Prediction as SOL Gains 10% Overnight — Is It Time to Load Up?
The Solana price has gained 10% in valuation today, with the SOL price moving to $137.28 as the cryptocurrency market as a whole posts a 2% increase in 24 hours.
This move comes after a bad start to the week for the entire market, with SOL still down by 5% in the last seven days and by 23% in a month.
However, the coin still sits on a 525% appreciation in the past year, and with it retaining plenty of medium- and long-term momentum, today’s recovery could easily continue over the next few days.
Looking at Solana’s technicals, it’s initially hard to decide whether it’s going to come back down again or will see further rises in the near term.
On the one hand, SOL’s relative strength index (purple) has touched 70 – an overbought position – and looks as though it has begun declining.
On the other hand, the coin’s 30-day average (orange) still hasn’t climbed over its 200-day (blue) yet, meaning that the token still has time for more gains before it becomes decidedly overbought.
One thing that’s particularly positive about SOL’s chart today is that its trading volume has risen to $5 billion, up from only $2 billion a couple of days ago.
In other words, there’s clearly a lot of demand to buy Solana at the discount offered by the recent downturn, with the alt still remaining the second-most popular alt among digital funds (behind Ethereum).
The past 24 hours have also seen some very significant transfers, with one unknown wallet sending nearly $200 million in SOL to another unknown wallet in the past couple of hours.
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