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Solana’s native token, SOL, is currently listed at $147.66, up by 2.87% in the last 24 hours. It further reflects a decline of 5.43% over the last 7 days and a rise of 16.15% over the last 30 days. SOL is aiming to breach the $150 market as the ongoing week comes to an end, paving the way for a new high of around $180. However, the market is still in splits, with many speculating a bearish run in the near future. The 14-day RSI was 52.24 at press time, indicating that there is enough to qualify as a buy candidate. Despite the token’s underperformance, there is less selling pressure and more sentiment to accumulate. The FGI stands at 50 points, representing neutral emotions. Investors are still undecided about their allocation to SOL. Whales must strongly support the accumulation if the token is to meet the prediction of $1,000 between 2025 and 2030. Bulls do have a grip. Reports began to circulate in the market during the final days of September 2024. If these reports are accurate, accumulation becomes more logical, and SOL is poised to mark an uptick. The bullish case is strengthened by multiple factors, including, but not limited to, ecosystem expansion, institutional acceptance, and scalability of L2. The unlocking of 524,000 Solana tokens could drive ecosystem growth. They are expected to be activated in the first half of October 2024 and are collectively valued at over $81 million. With the unlocking of tokens, members are granted increased access to them, which enhances their efficacy within the ecosystem. The total value locked, which was last observed to increase by a mere 2.75%, continues to be a source of concern. Once unlocked, the price is likely to face selling pressure, which could lead to a price decline. Solana’s price…

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Filed under: News - @ October 7, 2024 11:29 am