Solana Price Forecast: SOL Targets $210 if It Breaks Critical Resistance
Price Prediction
SOL
Solana
Solana has broken through a key resistance level, and looks set to post more gains over this week.
Last updated:
October 14, 2024 09:21 EDT
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Simon Chandler
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Simon Chandler
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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,…
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Last updated:
October 14, 2024 09:21 EDT
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The Solana price has jumped by 4% in the past 24 hours,
rising to $153.40
as the crypto market enjoys a day of modest 1% growth.
SOL is up by 3% in a week and by 12% in a month, with the fifth-biggest coin in the market also up by an impressive 590% in a year.
And what’s particularly encouraging is that today’s push has seen the Solana price break through the critical $150 resistance level.
Combined with the market-wide recovery today, this breakthrough suggests that SOL could have begun an end-of-year climb.
Solana Price Forecast: SOL Targets $210 if It Breaks Critical Resistance
SOL’s chart is showing plenty of momentum today, with its indicators suggesting that it’s nearing the peak of a short-term upswing.
Its relative strength index (purple) neared 75 earlier this morning and is still hovering around the 70 market, suggesting that demand is still holding steady.
Source: TradingView
Meanwhile, SOL’s 30-period moving average (orange) is still climbing strongly after rising above the 200-period average (blue) on Saturday, a sign of a new bullish phase.
As we noted above, it has broken through the critical $150 level, with the coin climbing precipitously this morning on the back of a big order.
Given that the Solana price is still 41% below its all-time high of $259 (set in November 2021), there’s an argument to suggest that a bull rally is long overdue.
Its blockchain is now the third-biggest layer-one network in terms of TVL, with
its current figure of $6 billion marking a a very big 1,800% rise in a year
.
Solana’s use as an ecosystem for meme tokens is the main factor behind this growth, with
its blockchain launching around 96,000 new tokens in a year
(accounting for 87% of all new tokens on DEXes).
This is an impressive figure, and what’s exciting is that Solana still has important scalability upgrades to look forwards to.
Of particular note is Firedancer, which is a validator client that will improve speed and stability, allowing for somewhere in the region of 1 million transactions per second.
And when you factor in how
funds are beginning to apply for Solana ETFs
, the future looks very bright for the Solana price.
It could reach $200 by the end of November, and $250 by the end of the year.
Diversification with High-Potential Small-Cap Altcoins
While it’s hard to dispute that Solana will be one of the best-performing major alts for a while yet, it certainly won’t be the only token to rally big as we enter the end of the year.
We’re also likely to see a number of presale tokens perform well, particularly those that have had a popular offering.
One coin that’s proving hugely popular is
layer-two project Pepe Unchained (PEPU)
, which has now raised over $19.4 million in its soon-to-be-finishing sale.
Pepe Unchained will launch its L2 network for Ethereum once its presale ends, with its platform set to provide near-instant transactions and very low fees.
It’s aiming to become a leading ecosystem for meme tokens, attempting to eat into the market share Solana currently enjoys.
It will offer 100x the transaction speeds currently provided by Ethereum, with its speed also enabling it to provide double the staking rewards it would have offered as a normal layer-one token.
And because users will need it to pay Pepe Unchained transaction fees, it could experience strong demand, especially when coupled with staking.
It has a max supply of 8 billion PEPU, with its protocol allocating 30% to staking and 20% to its presale.
Read More:
Pepe Unchained Price Prediction
It’s also significant that
its official X account now reaches 49,000 followers
, which is highly impressive for a platform that hasn’t even fully launched.
Investors can join PEPU’s sale at
the coin’s official website
, where it’s now selling at $0.00998 per token.
Given how big its community already is, this price could rise much, much higher once it lists on exchange in the next few weeks.
Buy PEPU Now
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.