Solana Price Prediction as Accumulation Continues at $20 Level – Can SOL Reach $1,000 in the Next Bull Run?

cryptonews.com:

The Solana price has swung strongly today, reaching a 24-hour high of $20.48 before retreating in the past few hours to $19.59.

This latest price represents a 2% drop in the past day, yet SOL is also up by 4% in a week, while being down by 6.5% in the last 30 days.

But with the altcoin also having risen strongly since the beginning of the year (up by 96%), it maintains the kind of medium-term momentum that will help it recover quickly from today's volatility.

SOL's indicators have moved into a position where it looks as though the altcoin is about to begin a concerted rally, one which is now probably overdue.

Its relative strength index (purple) has risen to 50 in the past few days, indicating an increase of momentum that has plenty of space to continue before the altcoin will be overbought.

In parallel, SOL's 30-day moving average (yellow) has flattened out after falling below its 200-day average (blue), signalling that buyers may be tempted to buy the coinnow that it's selling at a discount.

And even with today's little dip, the coin's support level (green) has been rising recently, meaning that it's unlikely to fall below recent lows.

As such, now is a good time to buy SOL, which is still selling at a discount but which has shown the first signs of renewed momentum.

In terms of fundamentals, there has been no major news in the past few days, yet the overall picture remains largely positive for Solana.

It continues to attract adoption, with a growing number of projects and platforms building on its blockchain network.

This most notably includes Visa, which expanded its stablecoin settlement pilot in the past few weeks to include Solana, something which stands as a major vote of confidence in the network.

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