Solana Price Prediction as SOL Nears Surpassing Binance Coin in Rankings, Eyes Ethereum’s Spot Next

cryptonews.com:

SOL has gained by 5% in the past 24 hours, with the Solana price reaching $134 on a day when the cryptocurrency market has actually lost 0.5%.

SOL is also up by an impressive 32% in a week and by 34% in a month, with the altcoin also posting a 490% increase in the past year.

These gains have now pushed Solana into the fifth spot in the market in terms of cap, with the coin only $3 billion away from overtaking BNB.

And given the big momentum it and its platform has enjoyed in recent weeks and months, it has every chance of leapfrogging BNB and rising further in value.

SOL’s indicators continue to paint a bullish picture, even if more cautious traders would probably conclude that the coin would have to correct (at least a little) soon.

Its relative strength index (purple) is close to touching 80, which means that the coin has basically entered overbought territory.

Also, SOL’s 30-day average (yellow) has been above its 200-day (blue) for so long that a correction is probably in order, yet the 30-day has actually begun rising more steeply in recent days.

This added momentum has followed from a surge in trading volume, which for SOL reached $8 billion a couple of days ago and still remains at around $6.5 billion.

Given such growth, traders can expect SOL to continue rising further, at least in the near future, before it takes a haircut.