Solana Price Prediction as SOL Surges 14% to $71 – What’s Driving This Impressive Rally?
The Solana price has jumped by 14% in the past 24 hours, with its surge to $71.24 coming on a day when the crypto market as a whole has gained by 1%.
This makes SOL one of the best-performing top-100 coins of the day, with the alt also having risen by 17% in a week and by 63% in the last 30 days.
Solana has made such gains on the basis of consistent growth in usage, with several of its DeFi platforms and NFT marketplaces witnessing an uptick in adoption in recent weeks.
And with the wider market heading for a bull phase for next year, SOL could easily make further gains in the next few weeks and months.
After a week or so of see-sawing, it looks like SOL has resumed rising more decisively, with its indicators pointing to increasing buying pressure.
Its RSI (purple) has just passed 70 once again, a clear sign of rising momentum, as well as a level that allows for further gains before the coin enters overbought territory.
Just as encouragingly, SOL’s 30-day average (SOL) continues to rise substantially beyond its 200-day (blue), which again is another sign that the alt is in the middle of an expansionary phase.
Other signs of this include the coin’s consistently rising support level (green), as well as still-high trading volumes.
Indeed, SOL’s 24-hour trading volume currently sits at $4.1 billion, up from $1.2 billion 14 days ago and from $120 million 90 days ago.
This reveals a massive surge of interest in Solana, which has succeeded in attracting investors all over again for a couple of reasons.
On the one hand, the market had severely oversold and undervalued SOL in recent months, with the coin’s price well below what many observers would regard as a ‘fair’ value for the asset.
On the other hand, Solana has seen lots of organic
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