The relative strength indicator for Solana suggests that there’s more room for potential gains as the SOL price breaks through important resistance levels.
Solana, a competitor to Ethereum’s Layer-1, is on the move with a 10% price increase, surpassing the significant $25 resistance level. Currently, Solana is trading at $25.96, aiming for another 20% jump to reach $30.
Solana Price Rally Persists
According to technical indicators, the Solana price rally is expected to continue. The Relative Strength Index (RSI) suggests that Solana’s price has room for further upward movement. With the RSI currently at 63 and positioned above 50, it indicates strong bullish sentiment and increasing momentum. There’s still potential for gains before it reaches the overbought level at 70.
This positive outlook is supported by the Awesome Oscillator (AO) indicator, which shows that bulls are in control.
If buying pressure remains strong, Solana’s price could increase by 20%, surpassing previous highs at $24.86, and possibly reaching $30. In an extremely bullish scenario, SOL might even revisit its high from July 12, around $32, representing a substantial 30% increase from its current levels.
SOL Joins Altcoin Surge
The altcoin market is abuzz with activity, and Solana investors are playing a significant role in this surge. This rally coincides with the recent decision by the US SEC to drop all charges against Ripple executives on Thursday.
Chris Larsen, the Executive Chairman of Ripple, expressed relief, seeing it as a legal victory and personal vindication against what he considered an ill-conceived attempt to hinder the cryptocurrency industry in the United States. He noted that they had to defend themselves from this misguided assault.
The outcome of the Ripple vs. SEC case offers hope to other cryptocurrency projects. Ripple has pledged to continue urging the SEC to provide clearer regulatory guidelines for the crypto industry.
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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