Cryptocurrencies

Solana Price Prediction: SOL Surges as Network Outpaces ETH – $50 Next?

Published by
Written By: Lilly Mwogah
Share
    Summary:
  • SOL climbs near $48 as network activity outpaces Ethereum. Will SOL break $50 resistance? Key chart analysis and outlook.

Solana (SOL) is currently priced at $210.25 after hitting $212.55 earlier today. This surge follows strong network performance and increased investor interest, positioning SOL as one of the top-performing cryptocurrencies of the week. With momentum building, the big question is whether Solana can maintain this trajectory and hit the $220 mark.

Chart Analysis: Key Levels to Watch for SOL

The daily chart for Solana reveals a robust uptrend, with SOL breaking above key resistance levels. Here’s a breakdown of the technical outlook:

  • Support levels:
    • $186.87: A strong support zone, previously acting as resistance, now turned into a key level for bulls.
    • $181.58: The 20-day EMA, which offers dynamic support as the trend remains bullish.
    • $166.97: The 50-day EMA, providing additional backing in case of a deeper pullback.
  • Resistance levels:
    • $212.55: The immediate resistance, marked by today’s intraday high.
    • $220.00: A psychological and technical barrier, with potential to trigger further bullish momentum.
    • $230.00: A long-term resistance zone, last tested in mid-2022.
Solana Daily Chart Analysis

What’s Driving Solana’s Momentum?

Solana’s surge is fueled by both technical robustness and fundamental expansion. Recent events, such as exceeding Ethereum in daily fees and a rise in institutional adoption, have strengthened market sentiment regarding SOL.

Can Solana Hit $220?

The existing momentum indicates that hitting the $220 mark is achievable if bulls keep their dominance. Nevertheless, traders must be alert for possible pullbacks, especially if Bitcoin’s surge begins to exhibit signs of deceleration.

This post was last modified on Nov 11, 2024, 09:58 GMT 09:58

Written By: Lilly Mwogah

Lilly Mwogah is a finance writer specializing in cryptocurrencies, forex, and indices. Passionate about simplifying complex financial topics, she creates engaging content for a broad audience. With a solid grasp of market trends and economic indicators, her work informs and empowers readers to navigate the dynamic finance world.

Published by
Written By: Lilly Mwogah