Solana (SOL) Technical Analysis and Price Prediction 2024
Solana (SOL) is rebounding strongly in the crypto market, with rising trading volume and a bullish trend signaling a possible price surge.
This analysis provides a comprehensive update on Solana (SOL), offering insights into both fundamental and technical aspects.
Over the next 6 to 12 months, the price predictions for this cryptocurrency will be examined, shedding light on potential future movements.
SOL price analysisSolana (SOL) currently shows a strong bullish trend, with key indicators such as a 10.68% daily price increase and a 94.32% surge in trading volume over the past 24 hours. This surge has pushed Solana to become the 5th most traded cryptocurrency, signaling strong market interest and confidence.
Despite challenges from the FTX debacle, Solana has demonstrated resilience, recovering to a market capitalization of $74 billion. This highlights its potential, especially as it taps into the growing meme space.
Trading at $158.79 per coin, Solana’s market structure points to a bullish trend. The bear market low was recorded in December 2022, but since then, Solana has established higher lows, suggesting a potential upward trajectory.
To solidify this bullish market structure, Solana must break its previous highs. Technical analysis shows a clear bull flag pattern, typically indicating a continuation of the upward trend. The asset also exhibited renewed bullish momentum after successfully testing the support level at $111 on August 4th.
While the macro market structure remains bullish, caution is advised in the microstructure due to the formation of lower lows. However, the overall trend suggests potential for further gains if Solana reclaims previous highs and tests the upper limits of its trading channel.
SOL price predictionSolana (SOL) shows potential for a significant price breakout. Technical analysis suggests that SOL could reach a price target of around $292, offering substantial upside.
To reach this target, Solana must break through the $186 price level, with volume and ATR bands playing crucial roles in confirming the breakout. A parabolic move upward could further solidify this bullish trend.
Price predictions from CoinCodex and Changelly align with this optimistic outlook. Both platforms anticipate a rally for SOL in September, with potential price targets of $161.39 and $167.65, respectively.
Recent regulatory developments in Brazil, including the approval of another spot for the SOL ETF, could drive inflows into the asset and contribute to a price increase. This situation mirrors the pattern observed with Bitcoin following the launch of 11 spot BTC ETFs in the US.
If the broader cryptocurrency market enters a bullish phase, Solana could benefit from additional momentum, potentially surpassing these forecasted price targets.
If you’re looking for investment opportunities that could offer big returns and increase in value during the next bull run, check out our guide here for the best crypto presales of 2024.
Altcoin with own Layer-2 blockchain: Pepe Unchained (PEPU)A new meme coin project, Pepe Unchained (PEPU), is shaking up the meme coin space by launching its own blockchain and has already raised over $10.3 million in presale funding. In just two months, this meme coin has achieved more than most other presale projects.
Currently, $PEPU tokens are available at a discounted price of $0.0092734, with multiple payment options accepted, including ETH, USDT, BNB, and even credit/debit cards.
Pepe Unchained is launching its own Layer-2 chain to solve the congestion issues on the Ethereum blockchain. Unlike new ERC-20 tokens with high costs and slow transactions, $PEPU holders will benefit from low fees and instant transactions.
This move has caught the attention of meme coin investors and is more than just a marketing tactic. New ERC-20 meme coins often struggle to attract retail investors due to Ethereum’s slow transaction speed and high costs.
Experts believe $PEPU could draw significant interest from both small and large investors. Although the exact launch date for the Pepe Chain is still unknown, anticipation is growing, with the community buzzing on X and Telegram. All eyes are on the team to see how they will use the funding.
$PEPU holders also have the opportunity to earn high staking rewards, with an APY of 193%, much higher than the 5% to 7% offered by other cryptocurrencies.
Part of $PEPU’s appeal lies in its strong fundamentals. Unlike many new meme coins that face security issues, the $PEPU team has taken significant steps to address these concerns. The $PEPU smart contract has been audited by Coinsult and SolidProof, with no vulnerabilities found.
The contract ownership has been renounced, preventing any tampering by the owner. Experts calling Pepe Unchained one of the best meme coins to buy now seem justified given its unique value proposition.
To take part in the $PEPU token presale, visit pepeunchained.com.
Related- Solana Price Action Signals Bullish Potential Despite Recent Dips as New P2E Crypto Presale Reaches $6 Million
- 5 Best Meme Coins to Invest in Before September 2024 – Pepe, PlayDoge, Pepe Unchained, Bonk, and dogwifhat
The post Solana (SOL) Technical Analysis and Price Prediction 2024 appeared first on ReadWrite.