Solana Price Prediction as Daily Trading Volume Surges to $1.8 Billion – Can SOL Overtake XRP?
The Solana price has dropped by 6% in the past 24 hours, falling to $68.30 on a day when the cryptocurrency market as a whole has declined by 2%.
Despite this loss, SOL remains up by 6% in the past fortnight and by 20.5% in the last 30 days, with the altcoin also having gained by 448% in the past year.
Such gains have provided SOL with considerable medium- and long-term momentum, so even if it has corrected today, it’s likely to continue climbing soon enough.
And with its 24-hour trading volume remaining high at $1.8 million, it could bounce back as strongly as it has fallen.
It’s arguable that SOL is in a position where it should correct for at least a few days before rallying again, with its indicators having been in ‘overbought’ positions for a while now.
Its relative strength index (purple) is now falling towards 50, after having spent several weeks closer to 70, with the decline suggesting that it’s losing momentum.
At the same time, its 30-day average (yellow) remains very high above its 200-day average (blue), and while it’s showing no signs of decline just yet, its position alone would imply that a fall is due.
Yet there are a couple of factors which do not support such skepticism, with the first being SOL’s support level (green).
The latter has held up very well in the past couple of months, with only a few brief dips interrupting Solana’s overall growth.
On top of this, SOL’s trading volume remains healthy, suggesting ongoing interest in the altcoin.
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