Solana Price Prediction: Can SOL bulls sustain this rally?

• Solana has already amassed gains of over 5.8%, according to CoinGecko.
• The 6^th ranked crypto at the time of writing was trading at $57.62, with a 24-hour trading volume of $1,95,63,34,317 at the time of writing.
• Solana bulls would now be hoping to breach its resistance levels of $59.13 at the time of writing against the support of $57.18 during the trading session today.

Solana is witnessing the best period of 2023. After lying low for 2023, the SOL bulls are slowly moving out from their bearish slumber to showcase momentum in the token. This has infused fresh energy and interest amongst the investors after it surpassed $60 during the first week of November.

Decentralized exchanges on Solana have reached $5.1 billion in monthly volume for November, according to DefiLlama, marching past its previous peak of $2.8 billion in November 2022. The weekly volumes have risen to a new high of $2.1 billion, outperforming the same week last year by more than 33%.

The rise in Solana’s price is significant considering it has come amid FTX collapse, throwing the blockchain into what could have been an existential threat as its main backer crashed, a risk it seemingly has overcome.

At the time of writing, Solana has already amassed gains of over 5.8%, according to CoinGecko. With today’s gains, the SOL gains have swelled to over 83% in just a month.

What’s the reason for Solana’s price rally?

One of the reasons for Solana’s price rally could accredited to the recent news of the much-anticipated Securities and Exchange Commission’s impending action on a spot Bitcoin ETF. As a result, it also boosted Bitcoin’s price by well over $ 37,000, improving the overall crypto market.

Besides, following the FTX collapse, the Solana network was rolling out several improvements, drastically improving its downtime. Similarly, Solana protocol witnessed a significant uptick in liquid staking, including through applications like Jito, Marinade, and MarginFi.

If one were to look at the charts, the RSI indicates that the buyers are active in the market. With the RSI at 56.39, Solana has gone from the trend of panic selling to increasing interest in the token.

Image credit: Trading View

Though the MACD trends indicate that the momentum has slowed up a bit, it still has enough to maintain its strength. Even though the MACD line is below the trend line, it does look like the momentum will continue for some more time.

Solana bulls would now be hoping to breach its resistance levels of $59.13 at the time of writing against a support of $57.18 during the trading session today.

How is the Solana price faring in the market today?

The 6^th ranked crypto at the time of writing was trading at $57.62, with a 24-hour trading volume of $1,95,63,34,317 at the time of writing, according to CoinMarketCap. Solana currently holds a live market cap of $24,38,27,98,346 with 42,31,39,577 SOL coins in circulation.

According to Digital Coin Price, Solana’s price is expected to increase by 235.25%, reaching $209.82 by the end of 2025. There is greed in the market due to the bullish momentum, and many market participants feel the time is ripe to buy Solana.

Conclusion

So far, bulls have had a more significant impact in November this year than the bears. Apart from the minor blip, the token has already amassed a healthy 83% gain over the past month. Having said that, one must also understand that cryptocurrency markets are often volatile, and their prices can change anytime soon. Therefore, keeping track of things and studying the market before making critical investment decisions is essential.