The Solana is once again making headlines as a prominent crypto as it is on the verge of a major breakout with a parabolic price surge. Moreover, with the US-based prediction platform Kalshi accepting SOL deposits, the optimism of this altcoin is gaining traction.
Despite current market volatility, Solana has maintained steady upward momentum by consistently forming higher lows over the past few days. Furthermore, it has recorded a 35% increase in trading volume, signaling rising investor interest.
Analyst Turns Bullish On SOL Price!
Ali Martinez, a well-known crypto analyst with an substantial followers of over 138.5k on “X” (formally Twitter) has recently posted about Solana. Ali projects that a breakout could trigger a parabolic run for the Solana token soon.
Considering the past price performance of approximately 50% during the previous year, this altcoin could recreate history and achieve a similar action during the upcoming altcoin season.
Adding to this, the United States of America (USA) prediction market platform “Kalshi” has now started accepting Solana ($SOL) deposits, making this a major step toward the adoption process of this altcoin in the real world.
Solana Price Constantly Records Higher Lows!
Despite the ongoing market volatility, the SOL crypto price has displayed a neutral action by recording a variation of less than 1% in 24 hours. Notably, this altcoin has recorded a trading volume of $7.18 billion, a change of +34.96%. This hints at increased accumulation for the altcoin in the crypto space.
The Cross EMA 50/200-day is on the path of experiencing a Golden Cross in the daily time frame. This suggests an increase in the buying-over-selling pressure for the altcoin in the cryptocurrency market.
Furthermore, the RSI indicator has successfully retested its neutral point and is on the run of retesting its overbought range with its average trendline on the verge of experiencing a positive crossover. This hints at a bullish outlook for the 06th largest token in the upcoming time.
Will Solana Price Hit $200 This Week?
If the odds favor the bulls, this could result in the price of Solana heading toward its target price of $200 soon. Suppose, the bulls maintain the momentum, it may push the price toward the $225 mark this month.
Conversely, a bearish reversal could pull the price toward its important support zone of $160. Moreover, if the negative sentiment intensifies, the SOL coin price could plunge toward its lower support level of $150.
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