Solana Price Prediction as SOL Overtakes XRP – Is $10,000 SOL Possible?

cryptonews.com:

The Solana price has dipped by 2% in the past 24 hours, dropping to $95.31 on a day when the crypto market as a whole has fallen by 1%.

Despite this loss, SOL remains up by 5.5% in a week and by 29% in the last 30 days, with its gains over these periods enabling it to overtake XRP in terms of market cap.

And with the market likely to see greater longer term growth now that the SEC has approved numerous Bitcoin ETFs, the Solana price could really make sustained gains over the coming months.

Even with last week’s momentous ETF approvals, SOL – like many other major tokens – has been unable to regain the strong momentum it saw at the close of 2023.

Its relative strength index (purple) remains at the 50 level, a halfway house that is just as consistent with further falls as it could be with incoming gains.

Additionally, SOL’s 30-day average (yellow) continues to rise at a slower pace than it had climbed in previous weeks, implying that the coin is struggling to attract buying interest at the moment.

This is perhaps not surprising, given that the aforementioned Bitcoin ETF approvals triggered a ‘sell the news’ reaction, with holders happy to take profits at the end of what was a fairly positive year for crypto.

Nonetheless, SOL’s support level (green) has held up pretty well in recent weeks, so even if it struggles in the next few days and weeks, it’s unlikely to drop in any substantial way.

And the coin’s volumes remain pretty healthy, at just over $2.6 billion today, compared to $300 million back in October.

Indeed, such is SOL’s growth over the past quarter that the coin has moved to 5th in the crypto market in terms of capitalization, overtaking XRP.

This has happened for a couple of reasons, with the first being that Solana had