Solana Price Prediction as $700 Million Trading Volume Comes In – Can SOL Recover to $100?
The solana price has risen to $23.60 today, representing a 1% gain in the past 24 hours. This movement means it also has increased by 3.6% in the past fortnight and by an impressive 64% in the last 30 days, with the compensating for many of the losses it suffered in the wake of the FTX bankruptcy.
Today's rise also comes on the back of solana's 24-hour trading volume passing $700 million, an elevated level that could indicate further movements. And with SOL continuing to benefit from the launch of Solana-based meme token BONK, as well as ongoing development, the next few weeks could be another good period for the altcoin.
SOL's indicators show strong momentum, with its relative strength index (purple) rising back towards 60 after a slight dip near to 50. The sense of continued positive momentum is reinforced by the coin's 30-day moving average (red), which is about to overtake its 200-day (blue), potentially forming a 'golden cross' that could signal a breakout.
Based on recent movements, it seems that SOL's resistance level is somewhere at around $26. If it could definitively break through this level, it would reinforce the suspicion that more sustained gains are also in the offing.
SOL is arguably due a major rally, since it hasn't actually recovered from its post-FTX fall. Back at the start of November, it was priced at around $36.72, yet the fact that FTX had been a big supporter of SOL -- and the fact that the Solana Foundation had around $200 million in cryptocurrencies on FTX -- meant that the altcoin suffered more than others as a result of the exchange's bankruptcy.
However, since November solana has managed to recover pretty well. The launch of the Bonk (BONK) meme token in late December is possibly the main reason
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