Solana ready for weekend rally, says analyst
The price of Solana (SOL), one of the most promising cryptocurrencies on the market, could register an increase of up to 13% in the coming days, according to expert projections.
Currently, the Solana token is priced at $144.10, up almost 4% on Friday alone. The expectation for the weekend is that SOL will reach a price of US$163.70, a level that was recorded in August this year.
In the last seven days, Solana has shown growth of 5.42%, as shown by data from TradingView. The token's upward movement began in October 2023 and follows a consistent trend.
Several factors contribute to this optimistic scenario, such as the increase in adoption of the Solana network, driven by the expansion of the memecoin ecosystem that uses SOL as a base.
“Additionally, Solana’s on-chain metrics reinforce the bullish forecast. The number of new addresses and active addresses on the network has grown. According to data from October 2024, more than 3.44 million addresses are active on the Solana blockchain, an increase from the 3.06 million registered at the beginning of the month”, highlights analyst Ekta Mourya.
According to the analyst, this growth is a strong indication of increased demand for the network, which tends to boost the value of the token.
Solana Price Analysis
Mourya also points out that transactions on the Solana network also rose considerably, reaching 38.88 million as of October 10. This increase in transactions signals greater adoption among traders. This reflects the market's confidence in the future of cryptocurrency.
Another factor that could positively influence the price of Solana is the growing volume of decentralized exchanges (DEXs) operating on the network. According to the Syndica platform, the volume of these exchanges reached US$480 billion in the year to date, exceeding the volume of 2023 by 11 times and 22 times that of 2022.
“This massive increase shows that Solana is consolidating itself as one of the main networks for decentralized trading,” he states.
Analyzing the technical chart, the token has remained between the support of US$110 and the resistance of US$163.70 since August. Mourya predicts that SOL could retest this resistance value in the coming days, with the possibility of significant gains. The relative strength index (RSI), currently at 50.38, indicates that the token is in a neutral zone, which could signal more room for growth.
“On the other hand, a daily candle close below $135.52 could invalidate the bullish expectation, with Solana price once again seeking support at the 200-day exponential moving average, around $140.67. Even so, the scenario remains positive, with several indicators suggesting significant growth for SOL this weekend”, he concluded.