The post Can SOL Price Reach New Highs as Bulls Drive Strong Recovery? appeared on BitcoinEthereumNews.com.

Since rebounding from the support level above $122 in early September, Solana (SOL) price has gradually gained bullish momentum akin to Bitcoin (BTC). For the first time since mid-March, Solana price has consistently closed above the daily falling logarithmic resistance trend. As a result, it is safe to assume that Solana bulls are in control again. The large-cap altcoin pumped over 3 percent to retest the psychological target of about $200 for the first time since early April. Consequently, Solana, with a fully diluted valuation of about $115 billion and a daily average traded volume of around $6.3 billion, has held the fourth position as the most valuable digital asset after dethroning Binance Coin (BNB). What’s Next for Solana Price Action From a technical analysis standpoint, Solana price is well positioned to rally towards its all-time high in the near term in a similar way to Bitcoin. Solana’s daily Relative Strength Index (RSI) is on the brink of rallying above the 70 level, which will signal the onset of a parabolic rally ahead. However, Solana price could retrace and retest the support level above $180 in the coming days before continuing with the bullish trend.  Market Picture 📊 As altcoins made huge runs post-US election, the rate of discussion toward crypto’s top assets are directly correlating with price activity. 📌 Most eyes are still on Bitcoin as traders see whether it can surpass $80K by the end of the week📌 Ethereum has made a recent jump… pic.twitter.com/wiqemhKzpT — Santiment (@santimentfeed) November 7, 2024 The crypto market has gradually gained bullish momentum since the historic victory of Donald Trump as the 47th President of the United States. Additionally, the bullish sentiment was bolstered by the Fed’s decision to cut the benchmark interest rate by a quarter basis point, thus following in…

---

Filed under: News - @ November 8, 2024 5:15 am