Solana has become one of the biggest gainers in the cryptocurrency market today, stealing the spotlight. The bullish sentiment surrounding SOL is not due to a single factor but the result of multiple factors working together. First, the launch of the Solana mobile Seeker device has increased user interest in Web3 hardware. Adding fuel to the fire, Bybit CEO Ben Zhou announced Byreal, the first on-chain DEX built on Solana, which is set to launch at the end of June.
Meanwhile, with Fidelity applying for a Solana spot ETF with the U.S. Securities and Exchange Commission (SEC), and Invesco-Galaxy following closely through Delaware Trust, institutional investor confidence is strengthening. On the positive side, the activity on the Solana network has also doubled compared to Ethereum, reaching 45.77 million, indicating that developer and user activity is continuously increasing. If you, like me, are interested in the short-term price analysis of SOL, then this article is a must-read.
Solana (SOL) Price Analysis:
The trading price of Solana today is $157.18, previously fluctuating between $144.36 and $157.13. Its market capitalization is currently stable at $82.67 billion, with a 24-hour trading volume reaching $4.48 billion, an increase of 113.19%.
From the daily chart, the SOL price is rebounding from the lower Bollinger Band at about $141.60, and the current trading price is above the 20-day moving average of $155.61, indicating a bullish reversal in the short term. Currently, the upper Bollinger Band is around $169.61, and if the bullish momentum continues, I believe this will become the next resistance area. Subsequently, the Relative Strength Index (RSI) is at 49.91, rebounding from the oversold area and breaking through the 43.51 moving average.
If it decisively breaks through the upper Bollinger Band and $170, it could open the door for a rise to $185-$190 in the short term. However, if it fails to hold above $155, it may retreat to the support level of $144-$141.
