{"id":179924,"date":"2023-08-10T21:40:19","date_gmt":"2023-08-10T21:40:19","guid":{"rendered":"https:\/\/precoinnews.com\/?p=179924"},"modified":"2023-08-10T21:40:19","modified_gmt":"2023-08-10T21:40:19","slug":"solana-leads-gains-among-top-coins-is-30-milestone-possible","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/solana-leads-gains-among-top-coins-is-30-milestone-possible\/","title":{"rendered":"Solana Leads Gains Among Top Coins, Is $30 Milestone Possible?"},"content":{"rendered":"
The price of Solana (SOL) has fluctuated a lot in the past week, like many other cryptocurrencies in the market. SOL is currently trading above $24, gaining 8.01% in its price in the past 7 days with over $376 million in trading volume in the past 24 hours. <\/span>\u00a0<\/span><\/p>\n The coin’s movement has now sparked speculation among investors about the imminent breach of the $30 resistance threshold.\u00a0<\/span><\/p>\n Solana has seen significant growth in terms of its total value locked (TVL). According to <\/span>Data from Messari<\/span>, Solana did better than other chains, with a 14% increase in the amount of funds locked in last month.<\/span><\/p>\n Additionally, data from <\/span>DeFi Llama<\/span> shows that Solana is now the 9th biggest chain in terms of locked funds.\u00a0<\/span>It has around $320.07 million locked, a big jump from the $205.11 million it had at the start of the year.<\/span><\/p>\n This surge in Solana\u2019s Total Value Locked (TVL) could attract more people to buy SOL tokens.\u00a0<\/span>Importantly, with rising interest, the price of Solana’s tokens might increase due to higher demand.\u00a0<\/span><\/p>\n However, if there’s suddenly bad news about Solana’s security or performance, even with a growing TVL, people might get worried and start selling their SOL tokens. This increased supply and decreased demand could cause the price to drop.\u00a0<\/span><\/p>\n <\/p>\n The daily chart shows that the asset has traded positively in the past 24-hour market circle. <\/span>The coin is trading above the <\/span>Simple Moving Average<\/span> (SMA) indicator and is bullish, signaling a potentially strong uptrend and a positive momentum in its price movement.\u00a0<\/span><\/p>\n Additionally, it suggests that buyers are consistently active, pushing the price higher. This often indicates sustained demand and can potentially lead to further price appreciation. <\/span>Meanwhile, the SMA can act as a support level if the price dips, preventing the price from falling too much.\u00a0<\/span><\/p>\n However, while the SMA can act as support, it can also become a resistance level if the price moves significantly above it. <\/span>This is because the <\/span>Relative Strength Index<\/span> (RSI) at 55 suggests the coin is balanced between overbought and oversold conditions.\u00a0<\/span><\/p>\n The <\/span>Moving Average Convergence Divergence<\/span> (MACD) is also showing an attempt to cross over the signal line, indicated by the red histogram bar fading. <\/span>This could signal a potential shift in momentum, with the upward movement gaining strength.\u00a0<\/span><\/p>\n Considering the analysis, SOL could potentially hit the $30 threshold in a few weeks if the bulls sustain the current market sentiment. So t<\/span>raders can anticipate a bullish move but should consider other indicators and market context for a more accurate assessment of the coin’s direction.<\/span><\/p>\nFactors That Could Influence SOL’s Price<\/h2>\n
Can SOL Hit The $30 Milestone?<\/h2>\n