SOL/BTC Pair Signals Bullish Momentum – Will Solana Hit $1,000 Soon?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
Solana has risen by 2% in the past 24 hours, moving to $153 as the SOL/BTC price climbs to 0.00246 today.
This is its highest level for over a month, signalling an increase in momentum for Solana, which has outperformed the wider cryptocurrency market today.
It’s also up by 7% in a week and by 20% in a month, with the altcoin – the fifth-biggest token in the market – up by a very impressive 620% in a year.
Such percentages highlight Solana’s promising short- and long-term momentum, with the coin likely to have a strong end to 2024.
A SOL/BTC rise means that Solana has outperformed Bitcoin today, with the alt continuing to ride the benefits of Solana being the hub for meme tokens.
After dropping as low as 0.0021458 BTC on September 18, the SOL/BTC price has risen by 14.5% and looks good for further gains in the near term.
This is evident from Solana’s USD chart, which has been showing strong momentum over the past week.
And SOL may have just begun a short-term rally that could last one or two days yet, with its RSI (purple) rising above 50 today.
Its 30-period moving average (orange) has also renewed its climb beyond the 200-period average (blue), another sign of expansion.
Its volume also remains strong at around $2.5 billion, after having a weak first half of September.
Indeed, last month saw several whales offload SOL, pushing its price down.
But the increase in the SOL/BTC price shows that it has begun recovering after overselling, with investors beginning to feel more bullish about the alt.
This is for several reasons, with the
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