Solana (SOL) price has recently experienced a notable increase in value. Currently, the cryptocurrency is stabilizing near a key support level, with bulls making efforts to propel its momentum further. This positive trend in SOL mirrors the general recovery observed across the broader markets.
Solana Price Analysis: More Bullish Ahead In This Sep?
Solana price has seen a significant rally over the past 24 hours, indicating bullish market sentiments. The altcoin price is hovering above $130, with a recent sharp uptick in its trading chart.
As of the time of writing, the SOL price is trading at $132.66, surging approximately 3.77% during the last day. According to CoinMarketCap data, the trading volume has spiked by 63.72%, indicating increased investor interest and market activity.
The daily technical indicators for layer one blockchain exhibit a discernible pattern of volatility.. A closer look at the Moving Average Convergence Divergence (MACD) indicates a potential shift in momentum. Despite the recent red bars on the histogram suggesting a bearish phase, there is a visible decrease in negative momentum, hinting at possible upcoming positive price movements.
Solana price Chart| Source: TadingView
According to Coinglass data, trading volume for Solana surged by an impressive 64.97% to reach $6.19 billion. Concurrently, open interest also saw a growth of 1.22%, amounting to $2.04 billion. This notable increase in both trading volume and open interest highlights a growing interest and potentially increased liquidity in Solana’s market activities.
Source- Coinglass
If the market trend turns favorable, the Solana price prediction might first target a price of $145. Subsequent surges could push it towards $150 and potentially even $180 during an uptrend. With increased bullish momentum, the price of SOL could soon reach the $200 mark.
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