{"id":434501,"date":"2023-08-29T17:37:08","date_gmt":"2023-08-29T17:37:08","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=434501"},"modified":"2023-08-29T17:37:08","modified_gmt":"2023-08-29T17:37:08","slug":"solana-price-prediction-sol-rallies-to-20-70-the-new-king-of-defi","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/solana-price-prediction-sol-rallies-to-20-70-the-new-king-of-defi","title":{"rendered":"Solana Price Prediction: SOL Rallies to $20.70 \u2013 The New King of DeFi?"},"content":{"rendered":"

Solana (SOL) shows signs of recovery as the broader crypto<\/a> market has recorded slightly bullish momentum. This change follows after some days of downtrend in the prices of most crypto assets.<\/span><\/p>\n

As of 05:26 EST on August 29, Solana trades at $20.32, reflecting a slight increase over the past 24 hours. Earlier today, SOL surged to $20.73 due to the increasing bullish momentum.<\/span><\/p>\n

Though some altcoins are still red today, Solana has defiled the trend, creating a new direction. Could SOL be the new king of DeFi, and can it sustain the bullish wave?<\/span><\/p>\n

SOL Could Record Twist in Performance<\/h2>\n

\"Solana\"<\/p>\n

The chart shows that SOL trades below the 50-day and 200-day Simple Moving Averages (SMAs), indicating a bearish trend. <\/span>Also, the Moving Average Convergence Divergence MACD trades below the signal line with red histogram bars signifying bearish activities in the market.<\/span><\/p>\n

The Relative Strength Index of 37 suggests that the SOL price is approaching the oversold zone, and a possible trend reversal could follow suit if the price reaches this level.<\/span><\/p>\n

The combination of the above indicators points towards a short-term bearish price movement for SOL and an overall long-term market outlook for the asset.<\/span><\/p>\n

However, investors should explore other tools before making a trade decision, as the crypto market is always prone to high price volatility and market fluctuations.<\/span><\/p>\n

SOL’s Support and Resistance Levels<\/h2>\n

\"Solana\"<\/p>\n

The chart above reveals that the SOL\/USD pair is under the influence of the bears. So, any further increment in selling pressure could drop SOL’s market value to the $19.21 support.<\/p>\n

However, if the bulls take control of the SOL\/USD market today, they might hold the buying pressure for the next few days, taking the coin’s price to the resistance level of $23.37.<\/p>\n

If the action of the bull forces SOL’s market value above this resistance zone, traders could get excited and accumulate more quantities of the asset. <\/span>This positive market status may increase the coin’s worth, making SOL hit the next resistance level of $25.54 in the next couple of weeks. <\/span><\/p>\n

Solana’s Outstanding Partnerships and Developments Could Trigger SOL’s Rally<\/h2>\n