bullish

Rally

Solana

when

Gains

<ul>
 <li>SOL's price rose 0.5% to $129.70, indicating possible bullish movement.</li>  
 <li>RSI trends and moving averages suggest a potential price rebound and upward trend.</li>  
 <li>Solana's fundamentals are strong, with potential gains if market recovery continues.</li> 
</ul>  
<p><a href="https://cryptonewsland.com/how-solana-is-surpassing-ethereum-in-blockchain-performance/" target="_blank" rel="noopener noreferrer nofollow">Solana (SOL)</a> is showing encouraging signs. After a challenging weekend for the crypto market, SOL's price increased by 0.5% yesterday, reaching $129.70. Although it’s down 16% over the past month, recent movements hint at a possible rebound. The relative strength index (RSI) suggests a <a href="https://cryptonewsland.com/solana-poised-for-a-potential-56-surge-amidst-market-uncertainty/" target="_blank" rel="noopener noreferrer nofollow">bullish trend</a>, signaling potential gains ahead.</p>  
<h2 class="wp-block-heading" id="h-rsi-and-price-movement">RSI and Price Movement</h2>  
<p>The RSI, a tool measuring momentum, began rising early Saturday. After dropping from $134 to $123, it started around 30, indicating oversold conditions. By Sunday, the RSI climbed to 65, showing a recovery in buying momentum. Although it dipped slightly, it has since rebounded to 65.&nbsp;</p>  
<p>This increase aligns with the recent rise in SOL's price, hinting at a bullish turnaround. The 30-period moving average has been below the 200-period average for over a week. When the shorter moving average crosses above the longer one, it usually signals a potential upward trend.&nbsp;</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/SolanaFloor/status/1833233688349602060
 </div>
</figure>  
<p>Additionally, SOL’s support and resistance levels are converging. Analysts expected the coin to break out of its recent $120 to $130 trading range. As the post above suggests, SOL has reclaimed $135.</p>  
<h2 class="wp-block-heading" id="h-potential-for-major-gains">Potential for Major Gains</h2>  
<p>For <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noopener noreferrer nofollow">SOL</a> to keep gaining, significant buying from major investors or “whales” is needed. The last notable transaction was on August 20, when a trader moved approximately $22 million in SOL to Binance.&nbsp;</p>  
<p>Despite some recent inactivity, Solana’s strong fundamentals remain solid. The network has grown due to the demand for new meme tokens, becoming a popular blockchain for launching new projects.&nbsp;</p>  
<p>Solana processes over <a href="https://solana.com/news/network-performance-report-july-2023" target="_blank" rel="noopener noreferrer nofollow">50 million non-vote transactions daily</a>, compared to Ethereum’s one million. Looking ahead, if the broader market continues recovering, Solana’s price could hit $150 by October and $200 by year-end.&nbsp;</p>  
<p>With new presale tokens and altcoins making moves, the market could see significant changes. Solana remains a major player, and its current indicators suggest substantial gains could be on the horizon.</p> 
<p>The post <a href="https://cryptonewsland.com/solanas-price-ready-for-potential-rally/" rel="noopener noreferrer nofollow">Solana’s Price Poised for Big Gains; RSI Signals a Potential Rally from Key Support</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Solana’s Price Poised for Big Gains; RSI Signals a Potential Rally from Key Support

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