Solana price surged above the $150 resistance on Monday July 13, reflecting gains in excess of 25% over the weekend, trading volume trends suggest aggressive buying activity, which could propel SOL prices higher in the days ahead.
Solana Price Breaks $150 Barrier Amid Weekend Demand Surge
After a turbulent start to the month, the overall sentiment surrounding the broader crypto market appears to have flipped bullish in the last 72 hours. Resurgent bull traders swooped in Solana over the weekend after back-to-back dovish macroeconomic indices published in the latest US Non-Farm Jobs and Consumer Price Index (CPI) data.
The weekend buying frenzy has sparked a major rebound in SOL price, confirming the bullish speculations that Ethereum ETF launch could open the doors to approval of Solana spot ETF filed by VanEck in late June.
On Friday July 5, Solana price bottomed out at $121.40, as traders anticipated another hawkish CPI data could dampen the prospects of a US Fed rate cut. However, as the CPI for June 2024 came in dovish, it triggered a rapid demand surge across the crypto markets.
Fuelled by positive headwinds from its own ETF speculations, Solana has emerged one of the biggest gainers amid the current bullish market phase. At the time of writing on July 13, Solana price had surged 27% from Friday’s lows, breaching the $150 resistance and rising as high as $154 around 10 am CET on Monday.
Solana’s $1.9B Trading Volume Hits At More Gains Ahead
While the majority of the top 20 ranked crypto assets have registered substantial gains in the last 3 days, a critical market data point suggests that Solana bulls are trading more aggressively. This move could possibly trigger a major breakout towards the $200 in the weeks ahead.
The Coinglass chart below tracks the daily volume of Solana transactions executed across various exchanges. By comparing trading volume trends to price swings, investors can gain insights into short-term market momentum.
At close of Friday, July 5, Solana trading volume reached $1.85 billion while price fell to weekly-low of $121. But after the buying frenzy that ensued over the weekend, Solana price has now surged 27% to hit $154, meanwhile the trading volume only increased by 6.4% to reach $.1.97 billion at the time of publication on Monday, July 15.
This shows that while SOL price has increased by more than 27% in the last 3 days, Solana trading volume has only increased by 6.4%. Whenever an asset’s price increases at a faster pace than trading volume, strategic traders consider it a bullish signal for two key reasons.
When an asset’s price increases at a faster pace than its trading volume, strategic traders often consider it a bullish signal for several reasons. Firstly, this scenario suggests that the demand for the asset is strong, and buyers are willing to pay higher prices, even in the absence of a proportionate increase in the number of transactions. This can indicate investor confidence and positive market sentiment, as seen in the recent surge of Solana’s price despite only a modest rise in trading volume.
Secondly, a rapid price increase relative to trading volume can reflect the actions of large investors, or “whales,” who accumulate the asset strategically without significantly affecting the trading volume. These large purchases can drive up prices quickly, signaling that big players expect further price appreciation.
In the case of Solana, the 27% price increase over the weekend, coupled with only a 6.4% rise in volume, might indicate that whale investors are betting on Solana’s future growth in reaction to VanEck’s recent application for Solana spot ETFs.
Solana Price Forecast: $200 Target Now Viable
As of July 15, Solana (SOL) has shown impressive price action, currently trading at $153.90. The recent surge has resulted in a 27.38% increase over the last 10 days, with the price moving from $121.55 to $154.10. This bullish momentum is bolstered by technical indicators suggesting a potential continuation towards the $200 target, although some caution is warranted.
The Parabolic SAR (Stop and Reverse) indicator shows a bullish trend, with dots appearing below the price, indicating upward momentum. The Relative Strength Index (RSI) is at 42.19, which is below the overbought threshold, suggesting there is room for further upside before the price becomes overextended. Additionally, the Fibonacci retracement levels indicate potential resistance at $160, $172, and $176, aligning with previous highs and psychological barriers.
Despite the bullish outlook, the recent increase in price has not been accompanied by a significant rise in trading volume, which only increased by 6.4% to reach $1.97 billion. This discrepancy between price and volume might suggest caution among investors, as sustainable rallies typically require strong volume support.
However, the current market sentiment remains positive, fueled by broader bullish trends in the cryptocurrency market and recent favorable macroeconomic data.
In conclusion, while Solana’s technical indicators and recent price action suggest a viable path to $200, traders should closely monitor key support and resistance levels. Sustained upward movement above $160, backed by increased trading volume, will be essential to confirm the bullish trend and achieve higher targets.
Solana price surged above the $150 resistance on Monday July 13, reflecting gains in excess of 25% over the weekend, trading volume trends suggest aggressive buying activity, which could propel SOL prices higher in the days ahead.
Solana Price Breaks $150 Barrier Amid Weekend Demand Surge
After a turbulent start to the month, the overall sentiment surrounding the broader crypto market appears to have flipped bullish in the last 72 hours. Resurgent bull traders swooped in Solana over the weekend after back-to-back dovish macroeconomic indices published in the latest US Non-Farm Jobs and Consumer Price Index (CPI) data.
The weekend buying frenzy has sparked a major rebound in SOL price, confirming the bullish speculations that Ethereum ETF launch could open the doors to approval of Solana spot ETF filed by VanEck in late June.
On Friday July 5, Solana price bottomed out at $121.40, as traders anticipated another hawkish CPI data could dampen the prospects of a US Fed rate cut. However, as the CPI for June 2024 came in dovish, it triggered a rapid demand surge across the crypto markets.
Fuelled by positive headwinds from its own ETF speculations, Solana has emerged one of the biggest gainers amid the current bullish market phase. At the time of writing on July 13, Solana price had surged 27% from Friday’s lows, breaching the $150 resistance and rising as high as $154 around 10 am CET on Monday.
Solana’s $1.9B Trading Volume Hits At More Gains Ahead
While the majority of the top 20 ranked crypto assets have registered substantial gains in the last 3 days, a critical market data point suggests that Solana bulls are trading more aggressively. This move could possibly trigger a major breakout towards the $200 in the weeks ahead.
The Coinglass chart below tracks the daily volume of Solana transactions executed across various exchanges. By comparing trading volume trends to price swings, investors can gain insights into short-term market momentum.
At close of Friday, July 5, Solana trading volume reached $1.85 billion while price fell to weekly-low of $121. But after the buying frenzy that ensued over the weekend, Solana price has now surged 27% to hit $154, meanwhile the trading volume only increased by 6.4% to reach $.1.97 billion at the time of publication on Monday, July 15.
This shows that while SOL price has increased by more than 27% in the last 3 days, Solana trading volume has only increased by 6.4%. Whenever an asset’s price increases at a faster pace than trading volume, strategic traders consider it a bullish signal for two key reasons.
When an asset’s price increases at a faster pace than its trading volume, strategic traders often consider it a bullish signal for several reasons. Firstly, this scenario suggests that the demand for the asset is strong, and buyers are willing to pay higher prices, even in the absence of a proportionate increase in the number of transactions. This can indicate investor confidence and positive market sentiment, as seen in the recent surge of Solana’s price despite only a modest rise in trading volume.
Secondly, a rapid price increase relative to trading volume can reflect the actions of large investors, or “whales,” who accumulate the asset strategically without significantly affecting the trading volume. These large purchases can drive up prices quickly, signaling that big players expect further price appreciation.
In the case of Solana, the 27% price increase over the weekend, coupled with only a 6.4% rise in volume, might indicate that whale investors are betting on Solana’s future growth in reaction to VanEck’s recent application for Solana spot ETFs.
Solana Price Forecast: $200 Target Now Viable
As of July 15, Solana (SOL) has shown impressive price action, currently trading at $153.90. The recent surge has resulted in a 27.38% increase over the last 10 days, with the price moving from $121.55 to $154.10. This bullish momentum is bolstered by technical indicators suggesting a potential continuation towards the $200 target, although some caution is warranted.
The Parabolic SAR (Stop and Reverse) indicator shows a bullish trend, with dots appearing below the price, indicating upward momentum. The Relative Strength Index (RSI) is at 42.19, which is below the overbought threshold, suggesting there is room for further upside before the price becomes overextended. Additionally, the Fibonacci retracement levels indicate potential resistance at $160, $172, and $176, aligning with previous highs and psychological barriers.
Despite the bullish outlook, the recent increase in price has not been accompanied by a significant rise in trading volume, which only increased by 6.4% to reach $1.97 billion. This discrepancy between price and volume might suggest caution among investors, as sustainable rallies typically require strong volume support.
However, the current market sentiment remains positive, fueled by broader bullish trends in the cryptocurrency market and recent favorable macroeconomic data.
In conclusion, while Solana’s technical indicators and recent price action suggest a viable path to $200, traders should closely monitor key support and resistance levels. Sustained upward movement above $160, backed by increased trading volume, will be essential to confirm the bullish trend and achieve higher targets.
