Key Takeaways
- Solana could rally to a high of $350 in the coming weeks after forming strong support above $230.
- Market sentiment for Solana remains bullish despite price moving in range as crypto analyst drops his price prediction.
- Short-term targets for Solana’s price of $300 or $350 hold if bulls defend its price from trading below $230.
| Token Name | Solana (SOL) |
| Current Price | $255 |
| Market Capitalization | $126.15B |
| Total Circulating Supply | 486.49M SOL |
| Daily Support | $230 |
| Weekly Support | $180 |
| 7 Days Performance | 30% |
Solana has attracted many investors and traders to its ecosystem for its unique architecture, use case favoring fast transactions at a low fee, and ease of scaling crypto projects on its network.
With much influx into its ecosystem, the price of Solana has benefited positively, rallying to new highs and outperforming the likes of Ethereum and Bitcoin in 2024. There are high hopes of Solana replicating such a price rally, with many crypto analysts speculating a price rally to a high of $500 to $1,000.
While this is possible for Solana, given its potential to hit such price predictions, the price of Solana has struggled in the past couple of days after rallying to $295. TRUMP coin being listed on its network generated a volume of over $600 million in a few hours for Solana, gaining much demand on its network.
Following the listing of the TRUMP coin on exchanges, the price of SOL dropped to a region of $230, forming good support for the price to trend higher, but has since struggled to trend higher to a region of $295 as the price continues to range, forming a bullish price structure as bull continues to dominate price.
Solana Market Sentiment Ahead Of Mega Rally
Source – 1M SOL Price Chart By Ali on X
The general market sentiment for Solana is bullish, with the price holding strong above $230 and bulls dominating its price as the price could continue to push to the upside. With the price of Solana breaking out of the $220 price point acting as strong resistance for price for months, Ali, a crypto analyst, took to his X account to suggest the price of Solana could be ready for a rally towards $4,000 or more after breaking out of a classic cup-and-handle pattern.
Short-term Solana Price Prediction
Source – 4HR Solana Price Chart From TradingView
Solana’s price for the past few weeks has remained strong, with much control of price resting with bulls as they have previously pushed the price of Solana to new highs of $295. Still, the price of Solana suffered a minor price retracement to a region of $230, forming strong support for the price to react to the upside.
With the price of Solana trading above the 50-day and 200-day EMAs, it would continue to trade to the upside on a lower timeframe. $230 would act as support for the price, as bulls could look to push the price to a region of $300 or $350 for a short-term target.
Key Solana Support $230
Short-term price target – $300 or $350
