SOL Price Hits 20-Months High
The SOL price is experiencing a surge in buying pressure, indicating continuous accumulation from bulls. It has encountered a minor obstacle at $95.15 but has a 24-hour trading volume of $6.7 billion, reflecting a 37% gain.
Solana Price Recovery and Factors
The Solana price started recovering in mid-September from around $17.5 and has since grown by an impressive 466% over the past 100 days, reaching a new yearly high of $99.5. This rally can be attributed to various factors within the Solana network, including an increase in whale transactions, coin holders, the popularity of its meme coin BONK, and the Solana Saga phone.
Approaching the Three-Digit Price Point
As the SOL price nears the significant three-digit mark, investor enthusiasm and fear of missing out (FOMO) are intensifying. On December 20th, there was a notable influx of investment that led to a breakout from the resistance trendline of a rising wedge pattern. However, there was some resistance at $95.15, and profit-booking could potentially cause a minor pullback to retest the breached wedge pattern at around $85 before surpassing the $100 threshold.
Investor Confidence Soars with Solana Futures Open Interest
The open interest in Solana futures has significantly increased, indicating heightened market activity and investor interest. Over the past four months, open interest has risen from $217.94 million to $1.25 billion, reflecting growing confidence and engagement with Solana as a cryptocurrency.
Technical Indicators
- Exponential Moving Average: The 20-day EMA will act as strong pullback support if the SOL price experiences occasional dips.
- Directional Moving Index: The increasing gap between DI+ and DI- slope indicates rising buying pressure.
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- Solana Mobile ‘Saga’ Rated by MKBDH as Worst Phone of 2023
Hot Take: Solana’s Impressive Rally Continues
The competitive smart contracts token, Solana (SOL), has been making significant strides in the market with its impressive rally. Currently ranked fifth with a market capitalization of $40.2 billion, Solana has surpassed XRP and is now on the verge of overtaking BNB. With strong fundamentals and a dynamic price trajectory, the $100 price milestone seems within reach for Solana.
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