{"id":2259,"date":"2023-08-22T13:03:27","date_gmt":"2023-08-22T13:03:27","guid":{"rendered":"https:\/\/prendergast.net\/?p=2259"},"modified":"2023-08-22T13:03:27","modified_gmt":"2023-08-22T13:03:27","slug":"solana-price-prediction-as-300-million-trading-volume-comes-in-can-sol-reach-100","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=2259","title":{"rendered":"Solana Price Prediction as 300 Million Trading Volume Comes In Can SOL Reach 100?"},"content":{"rendered":"

Solana Price Prediction as $300 Million Trading Volume Comes In – Can SOL Reach $100?<\/strong><\/h1>\n

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Source: TradingView<\/p>\n

The price of Solana (SOL)<\/a> has dipped to $21 today, marking a slight 0.4% loss in 24 hours and a 15% drop in the past week.<\/span><\/p>\n

Despite these falls, SOL remains up by 110% since the beginning of the year, following the successful rehabilitation of Solana as a layer-one blockchain since a 2022 marred by outages<\/a>.<\/span><\/p>\n

And with SOL's 24-hour trading volume rising beyond $300 million, it's possible that this weekend's selloff will soon turn into a rebound, with the altcoin remaining oversold and undervalued relative to its fundamentals.<\/span><\/p>\n

Solana Price Prediction as $300 Million Trading Volume Comes In – Can SOL Reach $100?<\/strong><\/span><\/h2>\n

Solana's chart and indicators show that the altcoin is close to reaching a bottom of its recent downturn, with its relative strength index close to falling to 30 and possibly 20.<\/span><\/p>\n

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Source: TradingView<\/p>\n

At the same time, SOL's 30-day moving average (yellow) is descending towards its 200-day average (blue), and once it falls below the longer term average it would be reasonable to conclude that the coin has bottomed out.<\/span><\/p>\n

It will be interesting to see how Solana's support level (green) will hold up in the next few days, given that the altcoin has actually fallen through several short-term supports in recent days.<\/span><\/p>\n

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However, it's unlikely that it will fall or stay below its medium- and long-term supports, with the coin potentially bottoming at around $20 or $19.<\/span><\/p>\n

From there, SOL should make a decent recovery, especially when nothing has fundamentally changed with Solana. <\/span><\/p>\n

Solana's position remains as positive as it was prior to recent market-wide downturns, with the network recently celebrating 100% uptime in the past six months.<\/span><\/p>\n