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Solana Price Prediction After 10% Rise — Is It Time to Buy?

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The price of Solana (SOL) recorded a 10% increase today, reaching 140.08 USD. Meanwhile, the cryptocurrency market as a whole has seen 2% growth in the last 24 hours.

In short, this advance comes after a difficult start to the week for the entire market, with SOL still accumulating a drop of 5% in the last seven days and 23% in the last month.

Solana Price Prediction After 10% Rise — Is It Time to Buy?

However, the currency still boasts an appreciation of 525% in the last year. With good momentum in the medium and long term still in play, today’s recovery could easily extend into the coming days.

Is it time to buy Solana (SOL)? Check out the analysis

When analyzing the technical aspects of Solana, it is initially difficult to decide whether the cryptocurrency will fall again or whether it will see new highs in the short term.

On the one hand, SOL’s relative strength index (RSI), represented in purple in the chart below, has reached 70 — an overbought position — and appears to have started to decline.

On the other hand, the coin’s 30-day moving average (in orange) has yet to surpass its 200-day average (in blue), indicating that the token still has room for more gains before being considered overbought.

Solana Price Prediction After 10% Rise — Is It Time to Buy?

A particularly positive aspect of SOL’s chart today is that its trading volume has increased to 5 billion USD, up from just $2 billion a few days ago.

In other words, there is clearly a large demand to buy Solana at the discount provided by the recent market drop. As a result, it remains the second most popular cryptocurrency among digital assets (behind only Ethereum).

The last 24 hours have also seen some significant transfers, with an unknown wallet sending almost 200 million USD in SOL to another unknown wallet in the last few hours.

Maintaining interest rates in the US by the Fed could make it difficult for SOL to rise

The near-term fate of Solana (SOL) depends on the behavior of the broader market. This appears to have reached its lowest point after this week’s big drop. However, the market may still face some instabilities before resuming sustained growth.

One of the reasons for the market’s pessimism is that the Federal Reserve (Fed) does not appear to be close to reducing interest rates. As already stated, he kept them unchanged at the last meeting.

However, the expectation continues to be that rates will be reduced later this year, when the market should demonstrate a more positive reaction.

Ultimately, this will be beneficial for Solana, which could reach 150 USD in the coming weeks and 200 USD by the end of winter.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.