Solana Price Prediction: Will SOL Price Breakout Lead to a $350 ATH?

The post Solana Price Prediction: Will SOL Price Breakout Lead to a $350 ATH? appeared first on Coinpedia Fintech News

After consolidating above the crucial support level of around $120 since April, Solana (SOL), a tier-one blockchain network, has signaled an imminent rally to a new all-time high (ATH) in the near term. The large-cap altcoin, with a fully diluted valuation of about $99 billion and a daily average traded volume of around $3.8 billion, pumped over 6 percent in the last 24 hours to trade about $170 on Monday, October 21, during the early European session.

Notably, Solana price action has significantly outpaced that of Bitcoin (BTC), and Ethereum (ETH) in the past few days. As a result, it is safe to deduce that more crypto investors are betting on the inevitable rise of the altcoin space. Ordinarily, the market value of a crypto asset gets to front-run imminent cash rotation, as shown from historical data.

Midterm Target for Solana (SOL)

From a technical analysis (TA) standpoint, Solana’s price has successfully broken out of a resistance level of around $161, after several attempts since the August 5 crypto crash. As a result, Solana’s daily Relative Strength Index (RSI) has also rallied towards 70 percent, signaling the re-emergence of bullish sentiment.

In the two-day timeframe, Solana price has been forming a bullish pennant and is currently retesting the resistance level established through a falling logarithmic trend. Consequently, crypto analyst ZAYK Charts has set a midterm target of about $350 for Solana price if the bullish sentiment prevails ahead.

Why Bet on SOL?

The Solana network has grown to a vibrant web3 ecosystem, with over $6.4 billion in total value locked (TVL) and over $3.5 billion in stablecoins market cap. The notable growth in Solana’s on-chain activities is largely attributed to its meme coin space, which has registered a market cap of over $11.5 billion and a daily average traded volume of about $2.6 billion.