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Solana price prediction as SOL climbs 10% in a day – Is $30 next?

Solana price prediction as SOL climbs 10% in a day – Is $30 next?

Solana (SOL) witnessed an unprecedented surge in its price on June 29, with the DeFi asset exhibiting remarkable growth and entering double-digit territory over the last 24 hours. 

Consequently, Solana has now positioned itself at the forefront of the cryptocurrency market, surpassing all other assets in the top 100 by market cap in terms of gains, as it steadily advances towards the significant milestone of $20, a level that carries considerable psychological significance.

SOL is changing hands at $17.96, up 10.93% and 6.18% across the week, with a total market worth of $7.1 billion. Over the past 30 days, SOL has enjoyed 19 green days, accounting for approximately 63% of the period. 

SOL 1-day price chart. Source: Finbold

Solana exhibits notable support and resistance levels, with $15.09 acting as support and $17.87 serving as resistance. Presently, SOL is positioned above the resistance level, and if it can maintain support beyond this threshold following its breakthrough, it could indicate a potential trajectory toward reclaiming the $20 mark.

Solana is currently trading below the 200-day simple moving average (SMA) and below the 50-day SMA, and this indicator has been signaling SELL for the last 24 days since June 05, 2023.

Solana price prediction

1-month from now, Solana is predicted to trade at $26.71, so although it is over a 60% price increase from its current price, it is not projected to hit over $30 at least within the next six months, according to CoinCodex’s, technical indicators.

SOL 1-month price prediction. Source: CoinCodex

As things stand, the current Solana sentiment is Bearish, while the Fear & Greed Index is showing 54 (Neutral). Meanwhile, Solana recorded 19/30 (63%) green days with 13.25% price volatility over the last 30 days.

SOL daily active addresses

Elsewhere, this week in 48 hours, Solana witnessed a remarkable surge in its daily active addresses, with an impressive jump of 100,000. This surge in active addresses signifies a substantial increase in user engagement and interest in the platform. 

Notably, Solana has surpassed Ethereum in this aspect and is steadily approaching Polygon’s popularity and usage levels.

Finally, on June 29, the high-performance cross-chain trading between Solana and Ethereum Virtual Machine chains went live. A Solana user can access EVM-based blockchains for the first time without relying on derivative tokens or wrapped tokens.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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