Solana (SOL) Price Prediction: SOL Pumps 11% in a Week, Can It Reach $250 Next?

Solana price is up 5% in the past 24 hours and 11% over the last week to trade at $211.23 as of 11:18 p.m. EST on Monday. Trading volume has also risen by 43% in the past 24 hours to reach $7.1 billion.

Solana Price Analysis: Key Points

Solana price analysis on the 4-hour timeframe shows strong bullish momentum. After breaking out of a consolidation phase with significant upward movement, Solana price appears set to continue rising.

A closer examination of SOL’s price action reveals a formation that resembles a rounded bottom pattern, a common chart pattern that is often interpreted as a trend reversal structure in technical analysis. This pattern suggests strong buyer confidence and a possible trend reversal from the recent downtrend.

Currently, the price of Solana is trading above the $210 resistance zone, which has now turned into a support level, as can be seen in the chart data from GeckoTerminal. A higher-high formation in the short term further reinforces the bullish trend.

The 50-day Simple Moving Average (SMA) is at $191.39, and the 200-day SMA is at $198.63. The price is significantly above both, indicating strong bullish momentum.

Meanwhile, the Relative Strength Index (RSI) is at 67.70, just below the overbought zone of 70. This indicates strong momentum but also suggests a possible consolidation or minor retracement before the next leg up.

The Moving Average Convergence Divergence (MACD) line (6.39) is above the signal line (4.68), reflecting bullish momentum. The histogram is positive, indicating continued upward pressure.

Solana Price Chart on the 4-Hour Timeframe (Source: TradingView)

Solana price appears poised to continue its upward trend based on an analysis of the chart and indicators. The immediate support level is at $198.63 (200-day SMA), and the next significant resistance zone and major target is around $250, which aligns with previous key price levels.

Conversely, any bearish reversal would likely find support at the $200 level, backed by the 200-day SMA and strong buying interest in this range.

As SOL pumps, investors continue buying a new layer 2 Solana meme coin called Solaxy (SOLX). According to 99Bitcoins, a popular crypto YouTube channel with over 721K subscribers, SOLX has the potential to soar 100X post-launch.

Solaxy Meme Coin Presale Charges Towards $11 Million

Solaxy is a new cryptocurrency project that has already managed to raise an impressive $10.8 million in presale.

The project is focused on advancing Layer 2 technology to enhance the Solana blockchain by resolving transaction delays through the implementation of roll-up technology.

Solaxy aims to achieve faster, smoother, and more cost-efficient transactions, catering to users across the Ethereum and Solana ecosystems.

The project has garnered attention for its strong visual branding and market appeal, and many analysts are highlighting its potential to reduce congestion and failed transactions on Solana.

🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.

Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF

— Best Wallet (@BestWalletHQ) December 17, 2024

The solution devised by Solaxy involves three key components: off-chain processing to handle the heavy workload, bundling transactions to reduce costs, and secure settlement back on the main Solana chain.

In addition to offering a huge annual yield of 326% to holders who stake their SOLX tokens, over 3.5 billion SOLX have been staked so far.

Investors who wish to participate in the presale can visit the official Solaxy website and follow the instructions to buy SOLX tokens for $0.001602 each using BNB, ETH, USDT, or a bank card.

Complete the purchase before a price increase in about 3 hours to secure the best deal.

Visit the SOLX website here.

Solana Price Analysis: SOL Pumps 5%, Key Points, Analysis, SOLX Meme Coin

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