In the previous twenty-four hours, the price of Solana has decreased by one percent, reaching $55.47. This move also reflects a loss of one percent over the course of a week.
Despite this, SOL has continued to show a remarkable 71% gain over the past thirty days, and the alternative cryptocurrency has also seen a 450% increase since January 1.
Due to the fact that the coin has been able to maintain this momentum for the most of the previous month, it is quite probable that it will experience more increases in the weeks to come. This makes it the top-100 cryptocurrency that has performed the best throughout this time period.
Price Prediction for Solana as 70% Gains in 30 Days Continue to Outpace Competitors - Is It Possible for SOL to Maintain Its Momentum?
Since SOL's indicators are all in positions that signal to incoming gains, the company continues to keep a great amount of strength, despite the fact that it has recently suffered losses.
After experiencing a challenging period the previous week, its relative strength index (purple) has stopped declining and is now closer to 60 than it was before. This might be a sign that it is about to begin an upward trend.
The 30-day average of SOL (yellow) continues to rise farther above its 200-day average (blue), which indicates that it is still in the middle of an expansionary and bullish period. This is not less optimistic than the previous point.
It does not appear that this phase will be brought to a close any time soon, especially considering the fact that the average continues to climb.
This viewpoint is supported by the 24-hour trading volume of the coin, which continues to be very strong at $1.3 billion, illustrating a significant increase from the $200 million recorded in September.
It is true that $SOL is now the altcoin that is traded the most among funds, and the currency frequently surpasses Ethereum (ETH) in terms of the amount of money that is brought in on a weekly basis.
In the end, the demand for Solana is a direct result of the fact that the fundamentals of the company have significantly improved this year.
In terms of acceptance, as demonstrated by Visa's decision to include Solana in its stablecoin experiments, as well as in terms of fundamental improvements to its network, this is the case.
2023, for example, has seen Solana record over ten months of uninterrupted uptime, which is a significant improvement from 2022, which was plagued by a number of unlucky network failures.
As a result of these reasons, the price of Solana is expected to continue climbing in the near future, eventually reaching $75 by the year 2024.
