Solana’s current price movement indicates stability above $60, yet faces resistance at $62. A brief correction is anticipated before a subsequent attempt to reach $100.
The ongoing institutional interest in Solana is evident as its assets under management surpassed $365 million, with an additional $12.4 million inflow reported in the previous week, according to CoinShares’ weekly report.
Solana’s Growth Potential: Recent Performance and Predictions
Solana, recognized for its attributes as a fast, scalable, secure, and decentralized network, has showcased remarkable resilience in its recent performance. Despite experiencing a sell-off to $8 in November last year, Solana’s robust recovery is indicative of its potential for explosive growth, with forecasts suggesting it could achieve all-time highs of $260.
As of the latest market data by CoinGecko, Solana is currently trading at $60, exhibiting consistent upward movement with a 1% increase in the last 24 hours, 5.3% in seven days, 6.4% in a fortnight, and an impressive 56% in the last 30 days.
Solana’s Path to $100: Bullish Structure, Key Levels, and Caution for Traders
Solana has shown a bullish structure in recent weeks, hinting at a potential surge towards $100. The confirmation of support at $51 reassured traders about the uptrend, despite facing resistance between $60 and $62. Although SOL briefly surpassed this zone earlier in the year, the momentum faded at $66, casting a temporary shadow on hopes for a breakout above $70.
With support at $60 and a sustained buy signal from the Moving Average Convergence Divergence (MACD), Solana appears poised for an upward trajectory. Traders are advised to prepare for an increase in SOL longs once the price surpasses the immediate hurdle at $62.
Solana price prediction chart | Tradingview
However, caution is urged, considering that Solana might need to dip to lower levels to gather fresh liquidity for the next breakout. The 50 Exponential Moving Average (EMA) at $58.41 is positioned to absorb selling pressure, but its effectiveness depends on the challenges SOL encounters at $62. Traders should also monitor the support at $56, indicated by the 100 EMA (blue).
Crypto.com Expands Offerings with SOL/EUR and XRP/EUR Trading Pairs
Cryptocurrency exchange Crypto.com has made a strategic move by adding support for new trading pairs, SOL/EUR (Solana to Euro) and XRP/EUR (Ripple to Euro). This expansion underlines the increasing popularity of Solana and Ripple, reflecting a growing demand.
🆕 New $EUR trading pairs have been added to the https://t.co/A7lhUEyoao Exchange:$XRP/EUR$SOL/EUR
Start trading these pairs now 👇https://t.co/GBTPzwV3F0 pic.twitter.com/3WMjh84HcG
— Crypto.com Institutional (@Cryptocom_Insto) November 30, 2023
The timing aligns with heightened anticipation for a bullish trend triggered by significant events, including the potential approval of Bitcoin spot exchange-traded funds (ETFs) and the upcoming halving.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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