Solana Price Prediction as SOL Ranks 10th in Global Market Capitalization – Can SOL Reach $1,000?
The Solana price has risen by 2% in the past 24 hours, reaching $23.60 as the cryptocurrency market sees a very modest recovery from its dive earlier in the week.
SOL is now down by 10% in the last seven days, yet it remains up by 39% in the last 30, with its recent gains helping it to climb to tenth in terms of market cap.
And the altcoin has also risen by over 130% since the beginning of the year, helped largely by Solana's recovery from last year's outages, with the blockchain network having become more robust in more recent months.
This therefore puts SOL on track to post more gains in the near future, with the coin potetially looking to reach triple figures by the end of the year.
Solana's momentum remains good, even if it had suffered a decline in previous days.
The coin's relative strength index (purple) has turned upwards again after dropping close to 50 in the past few days, with its newly begun climb potentially signalling a new rally.
Likewise, it's encouraging to note that SOL's 30-day moving average (yellow) recently formed a 'golden cross' with its 200-day average (blue), a move which often signals a strong breakout.
SOL could therefore be at the beginning of a rally, with its support level (green) having risen massively since last month, providing it with stronger bases from which to launch new surges.
One of the more immediate reasons as to why Solana has outperformed the market today is the platform's announcement of Solang, a compiler that enables developers to write Solana smart contracts in the language used on Ethereum (Solidity).
This is likely to boost development on Solana, with a growth in dapps running on its chain likely to feed into greater demand for SOL as its utility token.
Even without Solang,
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