Solana has staged a breakout over the last week, surging 15% to reclaim the psychologically crucial $65 level. The powerful momentum comes as on-chain data reveals trading volumes crossing $1.4 billion in 24 hours, surpassing combined totals from rival layer-2 chains Polygon and Optimism. Solana also holds nearly $700 million in total value locked across its thriving DeFi ecosystem.

Keypoints

  • Solana price gained 15% in one week to exceed $65 resistance
  • Daily trading volumes topped $1.4 billion, surpassing Polygon and Optimism
  • Indicators like RSI show bullish strength while moving averages provide support
  • Upside price target at $75 in coming days, then potentially $100 in 2024
  • But failure to hold above $62 support risks retesting lower $50 level

Analysts suggest the burgeoning network activity and asset flows point to a maturing Solana positioned for additional upside. Some even eye a potential push towards triple-digit valuations should tailwinds persist into 2024.

“If the bulls hold the price above the key resistance level of $65, the SOL price will continue to gain value and prepare to test its upper resistance level of $70,” said crypto analyst Elena R in a research note published December 4. “Maintaining the price at that level will set the stage for Solana to attempt to test its upper level of $75 in the coming week.”

The upbeat projection aligns with strengthening technical indicators. Solana’s relative strength index (RSI) shows sustained readings above 50 since mid-November, indicating durable positive momentum. The moving averages also convey bullish signals, with the 50-day mean angled upwards and now acting as support around $59.

But risks remain ever-present for such a speculative asset. An influx of selling pressure that pushes Solana back below its recently reclaimed 20-day moving average at $62 could deflate the rally. In a bear case scenario, Solana may return to its floor around $50 if broader appetite for risk assets wavers.

Solana Price Chart (SOL)
Solana Price Chart (SOL)

Still, analysts like Altcoin Sherpa spy opportunity in any material pullbacks. They advocate accumulating Solana on dips below $50 and anticipated the breakout to $65 and beyond. With eyes toward 2024, Sherpa set a Solana price target around $100 if forecasts for a new crypto bull supercycle prove accurate.

The post Solana SOL Price Surges 15% In Week To $65 As Volume Tops $1.4 Billion appeared first on Blockonomi.

Source: https://blockonomi.com/solana-sol-price-surges-15-in-week-to-65-as-volume-tops-1-4-billion/