Solana Price Prediction: Can Flashing Buy Signals And ETF Approval Blast SOL To $125?
Solana Price Prediction: Altcoins were hit hard by the uncertainty that spread across the market in the previous week regarding the imminent approval of a spot Bitcoin exchange-traded fund (ETF). Solana was not spared as it explored levels below the pivotal $100 level.
However, with support at $85 coming in handy, the fifth-largest cryptocurrency boasting $40 billion in market capitalization is gradually making headway back to $100 backed by a 72% increase in trading volume to $3.6 billion as shown by market data by CoinMarketCap.
If the short-term bullish outlook improves, Solana price could start the week climbing above $100 and with the spot Bitcoin ETF approval likely on Wednesday, this breakout could reach recent highs at $125.
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Solana Price Prediction: Bulls Fight To Break Free From Descending Channel
The path with the least resistance is shifting north fast bolstered by a buy signal from the Moving Average Convergence Divergence (MACD) indicator.
In addition to the support respected at $85, Solana is trading above the 200 Exponential Moving Average (EMA) (purple) and holding a whisker away from the confluence resistance at $95 formed by the 20 EMA (in blue) and the middle boundary of the descending channel.
A successful retest of this seller congestion zone would blast Solana significantly above the pivotal $100 level, considering SOL pushed to $125 thanks to the fear of missing out (FOMO) among investors in Q4 2023.
According to a report by Keiko, Solana continues to register high trading volume on major exchanges like Coinbase, Kraken, MEXC, and Upbit. It reached its highest level in 2023 thanks to aggressive buying on these exchanges.
Traders yet to seek exposure may want to ensure that Solana price upholds the above-mentioned confluence S/R before triggering their buy orders. Key milestones like breaking out of the channel and finding support above $100 may confirm a major breakout.
Demand for the competitive smart contracts token is bound to keep surging considering the staking campaigns on exchanges like Crypto.com. Investors could win part of $20,000 if they stake either BTC, ETH, or SOL.
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Blockchain data from Defi Llama shows that while the total value locked (TVL) which is a measure of all the money locked in Solana’s decentralized finance (DeFi) ecosystem, there is a noticeable decrease from $1.53 billion (highest level in 2024) to $1.3 billion at the time of writing.
The drop in the TLV reveals that investors cashed out amid the weakness experienced since December 25. If the decline persists, selling pressure might surge paving the way for more losses below $100.
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