- Summary:
- Solana price has found stability above $150 and its key metrics point to continuation of the upside. How high can it rise?
Solana price stayed on the upside trajectory for the fourth successive day, sustaining action above the $150 mark for the third successive session. The coin traded at $153 at the time of writing, up by 0.5% on the daily chart to take its weekly gains to 13%. SOL price has also reclaimed $154 for the first time in over a month, underlining the strong bullish hold.
The total stablecoin supply on Solana blockchain reached record highs of $12.886 billion on Thursday, underlining strong utility for the coin. Meanwhile, Solana’s trading volume grew by 4.85% in the last 24 hours to reach $4.2 billion, as per CoinMarketCap data. In addition, its daily RSI is at 66 and the 4-hour Average Directional Index (ADX) is at 33, adding credence to the likely continuation of the upside.
Solana price will likely need to stay above the $150 psychological mark to maintain traction for a continued upside. Solana’s upside potential is also supported by the resurgence in meme coin prices. According to Messari.io data, meme coin prices registered 24.7% growth in the last seven days. On the downside, however, Solana chain’s DeFi activity declined marginally by 0.4% in the last 24 hours, and that will subdue gains by SOL price in the near-term.
Solana Price Prediction
The momentum on Solana price favours the buyers to be in control above $153. The upside will likely meet initial resistance at $155. An extended control by the buyers will break above that level and could potentially raise the action to test the next hurdle at $157.
On the other hand the momentum could shift to the downside if the price goes below $153. In that case, the SOLUSD pair could go on to find the first support at $150. Below that level, the upside momentum will be invalid. In addition, a stronger downward momentum could take action lower to test $147.
