Solana Rockets to New Yearly High, Eyes $40

• Solana records a year-to-date high as it surges by 36 percent in the last seven days to trade at $33. 

• Analysts have agreed that the asset can continue its upward trend to $37, then proceed to $40 if investors do not take their profits. 

Solana (SOL) makes history as it records a new year-to-date high after surging by 36.5 percent in the last seven days and 67 percent in the last 30 days to trade at $33. This current run is a breakout from a horizontal resistance at $28. The Relative Strength Index (RSI) previously signaled this run after recording its highest value since November 2021. On record, Solana was one of the most affected cryptos by the collapse of the FTX empire, sending the asset to as low as $12.34 in two days from its $31 high. 

According to a crypto trader identified as Joe McCann, Solana has retraced the entire drop. As of press time, the asset had a 24-hour trading volume of $1,358,927,366, after initially hitting the highest in over three months, $1.7 billion. The Total Value Locked for the Solana blockchain is around $377 million, another new year-to-date record.

However, the value is just a drop in the ocean when compared to the all-time high of $10 billion from November 2021. $32 was fixed as a critical resistance level for the asset. After breaking this level, analysts and investors have become bullish on the asset as they predict Solana to trade above $37.

According to a price predicting platform, Solana’s minimum trading price before the year ends is $39. On average, the asset is expected to hit $49 and go as high as $58 when it has the price determinants to its favor. 

More on Solana Price Analysis

An analyst identified as Satoshi Wolf rightly predicted on October 21 that the asset could hit $32 soon. After crossing this line, he predicted that Solana could hit $37 if the momentum continued. However, he believes that profit-taking could start from that price point. 

The way $SOL just keeps eating into those sell obs has me thinking we see $32+ very soon. I’ve still got buys $26 – $27 to catch any wicks if we get lucky.

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Analysts have also taken a look at the weekly time frame chart of the asset. As part of the findings, Solana looks ready to continue its bullish trajectory. This prediction is supported by the weekly Relative Strength Index (RSI). With a current bullish market sentiment reading of 85, the asset set the resistance level at $46 in this timeframe. 

For CryptoGodJohn, the asset could go all the way to $250. For the long-term price, Solana could target $450 according to the analyst. According to experts, the current bull run can be linked to the promising future of Solana in the Decentralized Finance industry.

So far, it is in full competition with Ether. In comparing the two, Solana has the edge in certain features including speed. While Ethereum has a speed of less than 10000 TPS, Solana has a 50,000 TPS. On top of that, its transaction fee is relatively cheaper.  

Its contribution to the NFT ecosystem, introduction to incredible projects, and the call for an Ethereum alternative are part of the reasons for the rising Solana demand, and the surge in price. 

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