Solana price forecast: SOL has seen a significant surge in price over the past 24 hours after a bullish breakout. The altcoin is currently rallying above $160, marking an impressive increase of 13.42% in just one day. At the time of writting, Solana price is trading at $163.18, a remarkable jump from its previous value of $143 level, indicating an ascending trend.

The cryptocurrency’s market capitalization has also seen a substantial boost, climbing to $73 billion, securing its position at 5 in the market cap rankings. The 24-hour trading volume for Solana has surged by 83.97%, reaching $4 billion, which indicates a growing interest and trading activity around this asset.

Solana Price Forecast: Bullish Breakout and Market Trends

Over the past week, the Solana price has gained more than 13%, with a more bullish head. SOL price has been trading in the range of $130-$163, indicating buying pressure in the market. 

Most of the cryptocurrencies today have also experienced a notable surge in the mark, with BTC rallying above $66,000 and Ethereum trading above $3,000 level, fueling the crypto market.

Robinhood Crypto Launches Solana Staking

Solana has seen a surge in demand after Robinhood Crypto launched its first staking product featuring Solana. This service, available to European users, allows them to earn yields on their SOL holdings. The total value locked in Solana staking has risen by 9% following this announcement.

Just in: @RobinhoodCrypto EU now supports Solana staking, introducing their first-ever crypto staking product! 🔥

Learn more👇 https://t.co/aHXj1rgL8P

— Solana (@solana) May 15, 2024

European users can now stake their SOL through the Robinhood app, enjoying the flexibility to unstake their funds anytime. This new feature is designed to offer customers a convenient way to earn returns on their investments.

According to data from defillama, Solana’s Total Value Locked (TVL) has significantly increased, reaching an impressive $4.477 billion. This milestone highlights the growing trust and adoption of the Solana blockchain within the decentralized finance (DeFi) ecosystem. 

If Solana’s value surpasses the $170 resistance level, it could signal renewed bullish activity. This momentum might drive the cryptocurrency toward the $180 mark. If Solana maintains this level, it could pave the way for a move toward the $200 resistance threshold soon.

Conversely, a trend reversal might see SOL value falling back to the $150 support level. Continued seller dominance could push the price toward a lower support zone at $120, indicating a potential bearish phase in the market.

Technical Indicators Suggest Continued Bullish Momentum

The technical indicators for Solana price prediction on the 4-hour chart suggest a potential upward momentum.  The Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover with the MACD line moving above the signal line. This suggests a potential upward momentum. The histogram is in positive territory, further indicating bullish sentiment.

The Awesome Oscillator value is at 9.57. This is a strong positive value, suggesting that the momentum is in favor of the bulls. The green bars in the AO histogram further indicate increasing bullish momentum. The Relative Strength Index (RSI)  has reached 74.78, indicating that the asset is currently in overbought territory.

Related Articles

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.