Is It Too Late To Buy SOL? Solana Price Surges 13% In A Week And This Might Be The Next Crypto To Explode

On Oct 24, 2024

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The Solana price surged 13% in the last week and 5% in the last 24 hours to trade at $174.52 as of 00:17 a.m. EST on trading volume that rose 24% to $4.15 billion.

Solana Price Aims For A Continued Price Rally

The Solana price action forms an ascending channel, generally indicating a bullish trend. According to data from GeckoTerminal, the price has been making higher highs and higher lows, respecting the upper and lower boundaries of the channel, as the bulls continue to capitalize on the $136 support zone.

SOL is trading near the upper boundary, suggesting it could be nearing a potential resistance area within the channel.

The recent uptrend has pushed the price of Solana to trade above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the current bullish movement.

Moreover, the Relative Strength Index (RSI) is currently at 71.26, which indicates that the asset is in overbought territory (typically above 70). This suggests the market may be overextended, and a pullback or consolidation could happen soon. However, in strong uptrends, the RSI can remain overbought for an extended period before a correction occurs.

The MACD line (blue) is slightly above the signal line, indicating bullish momentum. The histogram is positive, reflecting the strength of the recent upward price movement. However, the histogram bars have started shrinking slightly, which could indicate a potential weakening in bullish momentum or a slowdown in the uptrend.

SOLUSD Chart Analysis Source: GeckoTerminal.com

Solana Price Prediction

According to the SOL/USD chart analysis on the 4-hour chart shows a continued price uptrend, that the bulls aim to sustain a continued bullish stance. If the rally continues, the Solana price could soar as the bulls target the next possible resistance at $190.

However, with the RSI now soaring past the 70-overbought region, SOL is currently overvalued, which may prompt the bears to push the price down. In such a scenario, the Solana price could plunge, with the 200-day SMA acting as the next possible support level at $151.

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