Solana (SOL) Price Prediction 2022: Will SOL Price Reach $300 This Month?

Solana price today added over 5%, resulting in it maintaining its value above the $250 mark. Sustained bullish action could push the price of SOL

The price of Solana went up by over 5% on Friday, which helped it stay above the important level of $250.

After the Trump team bought more SOL tokens, there was a lot of bullish activity.

If the bullish trend continues, SOL could reach its target price of $300 this month.

The cryptocurrency market reached another important point when Donald Trump, the President of the United States of America, signed an executive order on cryptocurrency. After this, the price of Bitcoin went back up to $105,000, and other altcoins also went up.

With this, the price of Solana kept going up, and it has now gained over 30% in value this month.

With the rising bullish sentiment and anticipation for a Solana ETF, will the SOL price reach $500?

In this article, CoinPedia provides a possible short-term Solana price analysis.

Trump Coin Positively Impacts Solana Network

According to the latest report, the team behind the Trump memecoin has increased its holdings in Solana.

This shows how much the altcoin is liked in the crypto community and how stable the Trump coin project is.

However, top investors are worried that the SOL chain is getting too busy, which could lead to Solana Network congestion.

Considering how the market has reacted in the past, this could have a big impact on the ecosystem, which could eventually lower the price of its native token.

Solana Price Analysis For This Week

In the last 24 hours, the price of SOL has gone up by 5.66%, and the trading volume is $9.692 billion, which is a change of +8.04%.

Also, it has kept going up over the last seven days and year, with increases of 22.91% and 38.75%, respectively.

The Simple Moving Average (SMA) provides continuous support for the Solana price chart on the daily time frame.

This shows that more people are buying than selling the altcoin in the crypto market.

Additionally, the RSI indicator is still close to the overbought zone, with its average trendline serving as support.

This suggests that the altcoin may continue to appreciate in value throughout the month.

Solana Price Target: $300

If the bullish sentiment persists, the Solana price will encounter resistance once more at the $270 price level.

Furthermore, if the positive influence intensifies, SOL could be pushed toward its immediate target price of $300 this month.

On the other hand, if the bears regain momentum, the SOL coin price will fall toward the support level of $237.50.

Moreover, if the bulls fail to regain momentum at that point, this could impact the price of SOL coin, pulling it toward its lower support level of $210 in the coming time.

Will the price of SOL gain momentum and reach $500 this altcoin season or drop to a new 52-week low?

Discover the long-term possibilities today with CoinPedia’s Solana Price Prediction!

FAQs

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