CandleFocus Solana's Next Move: Bullish Breakout or Bearish Breakdown?
2024-10-07
Author: Content Editor
The price of Solana's native token, SOL, is currently at $147.66, showing a slight increase of 2.87% in the last 24 hours. While SOL has seen a decline of 5.43% over the past 7 days, it has risen by 16.15% over the past 30 days. There is speculation of a bearish run in the near future, but the 14-day RSI suggests a buying opportunity with less selling pressure. The market is still undecided about their allocation to SOL, and whales will need to strongly support accumulation for the token to reach the predicted price of $1,000 by 2025-2030. Factors such as ecosystem expansion, institutional acceptance, and scalability of L2 strengthen the bullish case for SOL. The unlocking of 524,000 SOL tokens in October could impact the price, but Solana's overall price prediction is still positive. Institutional adoption is on the horizon, and Solana is expected to surpass Ethereum as a serious contender. Technical indicators suggest a bull run, but the approval of SOL's ETF by the US SEC remains to be seen.
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