- Summary:
- Solana price has been on a hot streak for a while now, gaining more than 21 percent in the last week. Will the rally continue?
Solana price stayed on the upward trajectory on Monday, rising by 4.58 percent in the intraday session to hit a six-week high price of $179.08 before easing down to $177.72 at the time of writing. Solana has gained more than 22 percent in the last week, a fete only exceeded by Chainlink among the top 15 crypto coins. Furthermore, SOL has seen its market cap rise to $79.8 billion, making it the fifth most valuable cryptocurrency coin.
At its current growth pace, many in the crypto community are forecasting that SOL will hit $200 in the coming days, as network activity pumps up. The Solana blockchain has had a scintillating run not only for the SOL coin, but also for a host of meme coins including PEPE, BONK, WIF and BOME. These coins have grown by double-digits in recent days, even as the wider crypto market experienced a downturn. An entry into the $200 territory could certainly build a stronger momentum to take on BNB, which currently ranks 4th on CoinMarketCap.
Looking ahead, Solana price could benefit if the post-halving momentum kicks in. With Bitcoin crossing above the $65k mark last week, it has become more likely that a market rally could be in the offing. Also, whale activity could prove crucial to Solana’s movement in the near time. For instance, Whale Alert reported that a whale had moved 11 million SOL coins’ worth about $1.9 billion, sending a strong signal in a relatively quiet Sunday market. As of this writing, SOL’s 24-hour trading volume is up by more than 44 percent, signaling a potential continuation of the upside.
Technical analysis
Solana price is currently on an upward momentum, with the buyers in control, and it pivots at 175.44. The buyers will likely retain control if they keep the price above the pivot mark in the intraday session. In that case, they will likely encounter a psychological resistance at 180.02, but a break above that mark could build the momentum to test 185.02. On the other hand, going below 175.44 could swing control to the sellers, with SOL likely to get the first support at 171.58. A break below that level will invalidate the upside narrative and build the momentum to test 168.14.
