Solana (SOL) has been on an impressive upward trajectory, with recent market activity hinting at more gains soon. On Dec. 23, 2024, analyst CryptoELITES shared an optimistic price forecast, noting that the token has broken past a key resistance level of $250, opening the door for further growth.
Based on technical analysis, the analyst has set ambitious price targets for Solana, including levels at $400, $680, $1,000, and even $1,600.
Solana recent price action and market overview
Currently trading at around $191.93, Solana has shown a price movement, with a 4.27% increase in the last 24 hours. Despite some daily fluctuations, the price has managed to hold its ground and hover around the $192 mark.
Over the past 24 hours, Solana saw a brief dip to $184 but quickly recovered, continuing its upward trend. This solid positive momentum is further underlined by a market capitalization of $92.02 billion and a daily trading volume of $4 billion.
Key indicators and technical analysis
Solana’s recent performance has caught traders’ attention due to its technical indicators. The Bollinger Bands, which track volatility, show that the price has recently fluctuated near the lower band, signaling potential oversold conditions.
This suggests that the cryptocurrency might be due for a price reversal. Additionally, the narrowing of the bands suggests lower volatility, which could pave the way for a breakout in either direction.
The Relative Strength Index (RSI), currently at 52.13, signals a neutral market condition, with no signs of overbuying or overselling. However, as the RSI remains below 60, the potential for upward movement remains, depending on increased buying pressure. A rise above the 60 level on the RSI would further support the likelihood of a bullish trend.
Meanwhile, Solana’s market indicators also point to potential future gains. The Moving Average Convergence Divergence (MACD) is currently in negative territory, indicating bearish momentum.
However, there is a sign that negative momentum is decreasing since the space between the MACD line and the signal line becomes gradually smaller. When the MACD is above the signal line, this will clearly indicate that the price is likely to shift to a new upward trend.
