Can Solana Price Reach $30? Recent Developments Could Push Coin 2x
Solana Price Shows Signs of Life - Could it Reach $30?
Is Solana's resurrection pushing it to new heights? After a turbulent few months, the cryptocurrency appears to be back from the dead, with recent developments on the Solana blockchain network leading to increased activity among developers and a corresponding spike in price.
According to data from crypto aggregator Lunar Crush, social mentions of the alternative coin, dubbed the "Ethereum Killer," have gone up significantly in January. This has led to a threefold increase in daily active wallets since November, when the FTX exchange collapsed.
It's not just the developers and users that are driving Solana's resurgence, however. The meme coin BONK, inspired by the popular Dogecoin, has seen an incredible 3,600% increase in value since its launch on January 5, and this has helped to buoy Solana's price as well.
At the time of writing, SOL is trading at $16.23. Is it possible for this cryptocurrency to double its value and reach $30? Let's take a look at the technical indicators to find out.
Exponential Moving Average (EMA)
The 20-day and 50-day EMA of Solana are both above its current price, pointing to a short- to medium-term bullish trend. To see a true bullish alignment of EMAs, however, the 100-day EMA must be broken above and the lower EMAs must overtake the higher ones.
Relative Strength Index (RSI)
SOL's RSI has been steadily climbing since January 1, and after a 22.77% surge in the past two days, it has entered the oversold region. This means that the crypto is looking for relief, and it is likely to find it in the form of consolidation around the previous resistance levels that have now become support levels.
Moving Average Convergence Divergence (MACD)
The MACD serves as a further confirmation of the bullish momentum, having crossed over the zero line and showing a growing separation in its histogram.
Price Action, Support, and Resistances
SOL has broken out of its $12.74 to $12.94 support range and is now trading above the 50-day EMA and the previous resistance range of $14.58 to $15.11. To maintain its momentum, it must hold the support levels of $14.58 to $15.11. If it can, the next target for SOL is the range of $17.64 to $18.86.
Conclusion
All in all, the technical indicators for Solana are looking positive, and there is potential for the cryptocurrency to reach its next target of $17.64 to $18.86. Whether it can make it to $30, however, remains to be seen.
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