Solana Price Prediction: SOL Breaches $21.6 – Is Solana the New Ethereum Killer?

Updated: 30 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Solana SOL’s price gained significantly on August 29, breaking above $21.6 as the bulls regained momentum. The upturn marked a 10% price increase from the week’s low of $20.15.

Furthermore, today, August 30, SOL’s price is $21.48 at 07:39 AM EST, depicting a 7% increase in market value in the last 24 hours. However, it remains to be seen how long SOL can sustain this rally before the bulls return, given the heightened volatility in the market.

Solana SOL’s Price Actions Indicate Positive Shift from Bearish Trend

SOL demonstrated adverse movements since August 18, following increased selling pressure in the market, pushing its value down by 12% in the past 30 days.

Since then, the bulls have tried several times to recover the bullish trend, resulting in SOL hovering around $20.05 and $22.02. But the bears exerted greater pressure, evident in the 8% 14-day price decline, according to Coingecko data.

However, the bulls gained a noticeable control yesterday, August 29, forcing the asset to add in market value.

This impact is evident in the 4% 7-day price gain recorded. Also, historical data from CoinMarketCap reveals a 165% increase in SOL’s 24-hour trading volume, suggesting a notable uptick in network activity.

Traders’ Hope Is Reviving as SOL Goes Above 200-Day SMA

Solana’s market outlook from the above chart indicates that SOL is slightly above the 200-day Simple Moving Average but below the 50-day SMA. While this depicts that the coin is a long-term bullish market trend, the bears at the price levels around the 50-day SMA are intent on stopping the rally.

Again, the MACD is almost parallel with the signal line with a red histogram bar, supporting the bearish state of the asset from the 50-day SMA.

The Relative Strength Index (RSI) is 46.15 in the neutral zone, implying that the asset could struggle with price fluctuations as in the previous days when it hovers around $20.05 and $22.02.

Solana’s Resistance and Support Price Levels

Based on the chart above, SOL passed through the volatile region on July 13 and August 17 with sharp rally and retracement movements. Moreover, SOL has attempted to enter the region in 5 different days and tried again today.

So, if buyers exert increased momentum, SOL could reenter the volatile region and repeat the July 13 rally toward the $25.51 resistance.

However, if the bears increase selling pressure, SOL’s value may recede to the $20.05 support level. With more downward pressure, SOL might regress further to the $19.32 price zone as traders sell to avoid more losses.

Solana’s Possible Cooperation with Shopify Could Boost Its Market Value

According to a report, Shopify plans to integrate Solana into its digital payment system. Shopify had earlier integrated USDC, a stablecoin, into its payment system because of its similarity with the United States Dollar and less volatility.

This integration plan comes amid the increasing adoption of cryptos by leading marketplaces like eBay into their payment systems. When Shopify successfully integrates the SOL Pay option into its system, SOL’s market value might skyrocket as its adoption increases.

Wall Street Memes Displaying High Potential for Massive ROI As Presale Draws Near Conclusion

The nascent community-revolutionizing token, Wall Street Memes ($WSM), is making waves across the crypto space. The project team aims to maintain the frenzy in the meme crypto sector as meme projects thrive despite the recent challenges in the broader crypto market.

Built on Ethereum, Wall Street Memes incorporates a staking scheme to ensure the price stability of the token.

Furthermore, the founders are committed to helping investors maximize profit from the crypto market without having team tokens.

The project’s background connection to the famous Wall Street Bulls NFT has drawn the attention of investors to the project, making $WSM record an enormous presale performance since it started with impressive ICO milestones attained.

The presale is in the final stage and has raised over $25 million at the selling price of $0.0337 for a single token. WSM is expected to list on tier-1 crypto exchanges in September.

To join the movement, visit the presale website and buy the $WSM tokens.