The cryptocurrency market has achieved another huge milestone as Donald Trump, President of the United States of America has signed a crypto executive order. Following this, the Bitcoin price reclaimed the $105,000 with top altcoins experiencing a similar action.
With this, the Solana price has maintained its positive price action and has added over 30% to its valuation this month. With the rising bullish sentiment and a highly anticipated Solana ETF, will the SOL price reach $500? In this article, CoinPedia brings you the possible short-term Solana price analysis.
Trump Coin Impact On Solana Network
As per the latest update, the team behind the Trump memecoin has increased their holding in Solana. This highlights an increase in the positive influence of the altcoin in the crypto space. Furthermore, this also indicates an increase in the stability of the Trump coin project.
However, top investors are raising concern as the increasing activity on the SOL chain is resulting in it experiencing a Solana Network congestion. Considering the historic market sentiments, this could impact the ecosystem on a major level that could pull the price of its native token in the long run.
Solana Price Analysis For This Week
The SOL price has added 5.66% to its valuation in the last 24 hours with a trading volume of $9.692 billion, a change of +8.04%. Moreover, it has maintained its positive action by jumping 22.91% over the last seven days and 38.75% this year.
The Simple Moving Average (SMA) constantly supports the Solana price chart in the daily time frame. This suggests an increase in the buying-over-selling pressure for the altcoin in the crypto market.
Moreover, the RSI indicator continues hovering around the overbought range with its average trendline acting as support. This suggests that the altcoin may continue gaining value this month.
Will SOL Price Reach $300?
If the bullish sentiment sustains, the Solana price will retest its resistance level of $270. Furthermore, if the positive influence intensifies, this could result in it heading toward its immediate target price of $300 this month.
Conversely, if the bears regain momentum, the SOL coin price will drop toward its support level of $237.50. Moreover, if the bulls fail to regain momentum at that point, this could result in it plunging toward its lower support level of $210 in the coming time.
Will the SOL price regain momentum and reach $500 this altcoin season or plunge toward a new 52-week low? Find out the long-term possibilities today with CoinPedia’s Solana Price Prediction!
FAQs
Amid the increased Solana Network congestion issue, its native token SOL coin has experienced a significant pullback in its valuation this week.
With a 24-hour trading volume of $9.662 billion, the Solana price is at $263.87.
With a major advantage of transaction speed when compared to Ethereum, the Solana ecosystem has gained significant attention in the crypto space.
Considering the historic price performance of Solana, it has a high capacity to challenge the dominance of Ethereum by the end of this decade.
