Solana Price Prediction as SOL Becomes Top 10 Most Traded Coin – Time to Buy?
Solana (SOL)’s recovery from its June post-SEC FUD lows continued on Thursday, aided by continued high trading volumes.
SOL/USD was last trading above $22 per token with nearly $500 million in trading volumes having come in over the past 24 hours as per CoinGecko.
That means Solana is in the top 10 cryptocurrencies for trading volume over the past 24 hours.
Meanwhile, SOL is the second best-performing crypto in the top 20 by market cap over the past 30 days, up nearly 50%.
Versus the June lows in the low $13s, SOL is up an even more staggering 70%.
Solana’s recovery from its June lows has been miraculous.
The cryptocurrency is trading above its June highs, despite having been labeled as a security by the SEC in its lawsuits against Coinbase and Binance last month, and subsequently being delisted from the likes of Robinhood, eToro, Revolut and Bakkt.
Supporting the recovery has been the resilience of Solana’s Decentralized Finance (DeFi) ecosystem.
Trade Value Locked (TVL) within DeFi app smart contracts on the Solana blockchain was last close to $1.1 billion, its highest since November 2022, as per DeFi Llama.
As the Solana price continues to push higher, price predictions are becoming increasingly bullish.
Solana’s run of gains could just be starting, thanks to a few key bullish technical developments.
Firstly, SOL’s recent run higher has seen it break back to the north of all of its major moving averages.
Secondly, SOL has also pushed to the north of a downtrend that had been in play going all the way back to last summer.
The breakout above this downtrend was confirmed earlier this week when SOL bounced at the retest.
Bulls are now targeting a near-term rally to the key long-term support-turned-resistance zone around $26.50.
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