Solana is exhibiting bullish moves that might take its price toward the $30 mark.
Its current growth trend is backed by various on-chain signals.

Solana (SOL) has registered more than a 10% price surge and has successfully exceeded the $25 resistance level. At press time, the Ethereum (ETH) Layer-1 competitor was trading at $26.19 and is hinting at the possibility of securing more positive momentum. Precisely, an assessment of Solana’s Relative Strength Index (RSI) suggests a further potential on the upside, up to 20%, which may bring the market value of the token to $30. 

The RSI, which is currently placed above 50, is an indicator of a strong bullish sentiment and at the same time, its pivot towards high value shows that the SOL coin is heading towards increasing momentum. In the meantime, the Solana’s RSI is still around 63, further emphasizing the potential of hitting another price gain, at least before it reaches 70 where it would be tending towards an “overbought” condition.

Furthermore, the positivity expressed by its Awesome Oscillator (AO) indicator shows strong bull action which support the speculations about an impending bullish run. The strength of its buying pressure can do so much in propelling the SOL price towards $30. If buying pressure continues to mount above the present levels, there is every possibility that it would see an additional 20% price gain. An extremely bullish sentiment could have Solana reaching up to $32 or around this range in the short term.

The last time SOL saw such bullish values was in mid-July, just around the time when Judge Analisa Torres ruled that XRP, a token associated with Ripple, is not a security. Just like Cardano (ADA), Polygon (MATIC), and Stellar (XLM) during that time, Solana recorded a 32% price surge. 

At the current market value, Solana would have to gain up to 30% to reach that July value once again.

Ripple’s Victory Cause an Upsurge in Solana, others

Generally, the market is looking good for altcoins, especially after the United States Securities and Exchange Commission (SEC) announced that it was dropping all charges against Ripple’s executives Brad Garlinghouse and Chris Larsen. Notably, the Ripple vs SEC case has been pivotal to the direction of the crypto ecosystem and the latest development brings a ray of renewed hope for the sector.

Solana had previously struggled to go past its $22 price support mark, even after the announcement of its new endorsement from top cryptocurrency exchange OKX and other support from institutional investors. Last week, SOL’s technical charts were still portraying a bear stance and its RSI was hovering below the neutral 50. The On-Balance Volume (OBV) showed a 10-day downtrend, indicating that selling volumes were surpassing buying volumes.

This led to suspicion that the price of the SOL token could move further downwards, inching towards the $20.2 support zone from late August. The potential of this happening was underscored by its spot Cumulative Volume Delta (CVD) spiraling downwards.

Noteworthy, the latest Solana price surge is a reawakening for holders of the token and will have investors buzzing with activity all over the market.

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Filed under: Bitcoin - @ October 20, 2023 8:51 pm