Solana Price Prediction: SOL Surged 75% In A Month, But That May Pale In Comparison With This GambleFi Token's 20X Upside Potential

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The Solana price has seen a 7.1% increase in the past 24 hours, trading at $41.08 as of 4:58 a.m. EST.

Solana’s 24-hour trading volume has reached $1.10 billion, marking a 19% increase from yesterday and underscoring increased market activity. This has contributed to a 75% monthly performance boost.

The recent increase in value may be linked to activities on the FTX exchange, which has transferred 2.14 million SOL tokens, valued at around $94 million, over the past week. This movement of tokens could potentially impact market prices.

Currently, FTX still possesses 4.8 million SOL tokens valued at over $211 million and has 3.96 million SOL tokens in a stake account.

Additionally, data sourced from CoinGlass indicates that on Binance, there are more long positions on SOL than short positions.

The ratio of long to short positions for SOL, as determined by user accounts on the platform, stands at 1.4783. This suggests that increased bullish activity from retail traders could be contributing to a rise in prices.

Solana Price Needs to Break $47.02 to Confirm Bullish Rally

The price of SOL has seen a significant rise, marked by a continuous and steady upward trajectory on its price chart.

SOL PRICE Chart Analysis. Source: Tradingview.com — SOLUSD Chart Analysis. Source: Tradingview.com

This upward movement was initiated when a head and shoulders pattern developed close to the $18.21 support level, signaling a transition from a bearish to a bullish trend and creating a potential opportunity for bullish traders and investors.

The bulls managed to surpass the resistance at $21.49, which had previously triggered a double top pattern, hinting at a possible shift towards a bearish trend.

However, the bulls established solid support at $32.8, allowing the price to rise to the $47.02 resistance level.

Solana Price Bulls Aim for $50 Level

The Solana price has successfully crossed the 50-day and 200-day moving averages, reinforcing the bullish trend. With the 50-day SMA confirmed to have crossed over the 200-day SMA, it could attract more buyers.

In the coming weeks, SOL has the potential to reach the $50 mark. This outlook is supported by the relative strength index (RSI), which indicates upward momentum as it rebounds from the 50-level to 71. This suggests substantial buying interest in the price range of $32 to $47.

The bullish momentum remains strong, with buyers demonstrating unwavering determination to recoup their losses. This determination motivates them to drive higher prices, aiming for new highs around $48 and $50 in 2023.

On the other hand, bearish traders may see the correction as an opportunity to mitigate their losses, potentially applying downward pressure to the price, targeting the $29.08 support zone.

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