Solana

Bitcoin

Strong

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/z2EzJ0zs-e1699709817118.png" class="attachment-full size-full wp-post-image" alt="SOL price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Solana Price Prediction: As Bitcoin reclaims the $37K mark, the altcoins market is booming, providing double-digit returns over the past weeks. Ranking amongst the top-performing coins, the Solana coin <a href="https://coingape.com/sol-price-shoots-7-moving-closer-to-50-whats-next-for-solana/">showcases a strong recovery</a> and reclaims the $50 mark.&nbsp; 
Furthermore, the bullish momentum continues growing as the buyers become more confident after the $50 breakout. So, will the SOL price continue to rise and reach $75? 
Also Read: <a href="https://coingape.com/sol-price-at-55-gsol-buy-solana/">SOL Price At $55 Amid Institutional Inflows in GSOL, Should You Buy Solana Now?</a> 
<h2 id="b-strong-sol-holders-absorbs-incoming-supply-via-ftx-b">Strong SOL Holders Absorbs Incoming Supply via FTX</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The rounding bottom pattern triggers a long-term trend reversal.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">With improving market conditions, the SOL price can soon claim the $75 mark.</li> 
 <li style="font-weight: 400;" aria-level="1">The 24-hour trading volume on the Solana coin is 3.5$ Million, indicating a 6.7% gain.</li> 
</ul> 
<img decoding="async" class="alignnone" src="https://s3.tradingview.com/snapshots/z/z2EzJ0zs.png" alt="Solana Price Prediction" width="1946" height="1104">Source-Tradingview 
With remarkable growth in the last few weeks, the <a href="https://coingape.com/price/solana/">Solana price</a> trend turned bullish and reflected a huge increase in trading volume. Supporting a bullish comeback, the overall market recovery fuels the underlying demand for Solana.&nbsp; 
<blockquote>
 With an overnight growth of 25%, the Solana price action has produced a huge bullish candle similar to a marubozu. The increase in demand, at a time when SOL tokens are being sold from the <a href="https://coingape.com/ftx-moves-to-unstake-1-6-million-sol-amid-market-turbulence/">FTX holding</a>, reflects a strong underlying demand.&nbsp;
</blockquote> 
In the past sixty days, the altcoin has skyrocketed by 212%, to reclaim the $50 mark and currently trades at $58.08. With an intraday gain of 2.6%, the coin buyers offer a suitable follow-up to the last breakout, continuing on the path of a <a href="https://coingape.com/glossary/rounding-bottom-pattern/">rounding bottom pattern</a>. 
Under the influence of this pattern, the coin price is likely to surge 34% to hit the next significant resistance of $78. 
<h2 id="strong-will-sol-price-sustain-above-50-strong">Will SOL Price Sustain Above $50?</h2> 
With the crypto market gaining momentum, high-performance altcoins like Solana showcase a high likelihood of a prolonged uptrend. Crossing the psychological barrier of $50, the SOL coin price can hit the $75 mark, if the buyers sustain trend control and shatter the $60 mark.&nbsp; 
If things go south, the overhead supply with the FTX dumping SOL tokens can be fatal. In such a case, the downtrend can fall under $50 to test the $38 mark 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Directional Moving Index: The daily ADX line continues the positive arc of parabolic growth. Meanwhile, the DMI lines align with the bullish crossover showing a high momentum bullish sprint in motion.</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The sharp upturn in the daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a>(20, 50, 100, and 200.) indicates a strong uptrend in action.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/solana-price-prediction-has-sol-hit-overbought-after-50/">Solana Price Prediction: Has $SOL Hit Overbought After $50 Breakout?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Solana Price Prediction: Has $SOL Hit Overbought After $50 Breakout?

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