Solana Price Prediction: Will SOL Reach $50? This Is What You Need to Know
By:C, FionaSolana rises to $43 in a stunning rally a year after Sam Bankman-Fried’s crypto enterprise burned up in flames.
Solana (SOL) is leading the charge among altcoins in the decentralised finance (DeFi) market, rising 13% in the last 24 hours to $43.41. Many investors and analysts are curious to see if SOL can repeat its previous bull run to the all-time high of $260, suggesting that the smart contracts token is only getting started on its ascent.
The commencement of a bull run is frequently characterised by a steady advance with minor pullbacks. The price of solana has been trending in the same direction since about the middle of September.
The optimistic outlook shown, especially in October, might propel SOL above $50 if it maintains higher support. This remarkable upswing offers numerous scalping possibilities for traders.
However, they should proceed with caution when buying and selling, keeping in mind that Solana is overbought and may need to consolidate or correct for liquidity at lower price points.
Crypto Winter Is Over For Solana
The fall of Sam Bankman-Fried’s crypto empire a year ago today prompted a historic plunge in the cryptocurrency market. After a CoinDesk report revealed that Fried’s trading firm, Alameda Research, had been stealing customers’ money from the cryptocurrency exchange FTX, the dominoes began to fall.
To sum up, FTX declared bankruptcy, leaving its creditors to tally their losses. While bankruptcy processes continue in the hopes of making creditors whole, Fried is in court battling to stay out of jail.
Solana’s token value plummeted to $8 owing to speculation that it would be integrated into FTX and Alameda. About 55.8 million SOL tokens are believed to be in FTX’s possession.
There was a time when Solana’s environment was considered extinct. The value has more than doubled in the past month alone, demonstrating resiliency over the past year.
Customers of FTX who have filed claims totalling $10 billion may be fully reimbursed if Solana continues its recent climb to $50 and $60. They may currently only obtain 80% of their claims from the bankrupt FTX.
According to the daily DMI chart, the bulls are currently in control of the Solana price and will likely continue to do so for the foreseeable future.
If the +DI line in blue begins to retreat and the -DI line in red continues to ascend, however, investors should pay close attention since a correction will soon follow.
Waiting for Solana to reaffirm higher support, ideally over $40, is required for new purchase entry. In order to fund the subsequent $50 swing, this is necessary.
If the price breaks below $40, the bears may gain momentum and try to push the price farther down. Potential buyers could be discouraged to buy if investors close their investments to cash in their profits. Solana might drop to retest $30 if this scenario plays out, however a sweep at $35 is more likely.
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To trade Crypto futures, you can choose BTCC crypto exchange.BTCC, a cryptocurrency exchange , was founded in June 2011 with the goal of making crypto trading reliable and accessible to everyone. Over 11 years of providing crypto futures trading services. 0 security incidents. Market-leading liquidity.
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