Solana price has remained above the $130 support level despite a recent market downturn. The price dropped by 4% over the past 24 hours. This followed a sharp sell-off earlier today, pushing the price down from $138.
The volatility increased, and an increase in the volume sold proved the presence of pressure on the downside. Nonetheless, market analysts are optimistic that Solana will in the near future explode $150.
Bitcoin price recent drop to $90 contributed to a broader market decline. This led to a decline in the entire crypto market cap to 3.06 trillion. The fall was expected following the anticipated 25 basis points rate cut by the Federal Reserve. Other altcoins, such as Ethereum and XRP, were also bearish.
Key Factors That Could Propel Solana Price to $150
Solana price has recently caught the attention of investors, with a potential surge to $150. This optimism gets boosted by the growing institutional interest, especially with the introduction of Solana-based exchange-traded funds (ETFs).
To date, Solana ETFs registered a remarkable inflow of $16.6 million yesterday, which points to an increase in institutional purchases of the cryptocurrency.
Besides the ETF inflows, the Solana ecosystem is also developing at a high rate. The blockchain platform was at the top in terms of application revenue, with it exceeding 3.6 million in the last 24 hours. Such developments indicate that Solana is establishing itself as one of the participants in the crypto market.
Coinbase Boosts Solana with Direct On-Chain Swaps on DEX
One of the biggest promotions to Solana was made by Coinbase, which has increased its support to Solana tokens. The exchange also supports on-chain swaps, which can now be carried out on its Solana power based decentralized exchange (DEX).
This integration will make the process of trading easier by allowing the user to pay using USDC, cash, bank account, or a debit card. The relocation of Coinbase is an important measure that will result in greater accessibility of the Solana ecosystem to consumer users.
Moreover, institutional demand towards Solana continues to pick up momentum with Invesco Galaxy developing towards the introduction of its Solana ETF.
The company has recently submitted a Form 8-A with the SEC, indicating that the new fund might go on the board as early as next week. These events might trigger a major resurgence in the price of Solana in case the rest of the crypto market rebounds.
Can SOL Price Reach $150 in Next Price Surge?
The SOL price traded at $130 at the time of writing, reflecting a modest decline of 0.63%.
The MACD histogram still indicates bearish momentum, and the signal line points above the MACD line.
This may indicate that additional force towards the downward pressure will be possible in the short term. The RSI value is at 50, which implies that the market is at a neutral position and there are no hard overbought and oversold features.
The next critical Long-term Solana forecast price levels to monitor are $140 for resistance and $130 for support. A break above $140 could see the price target $150, a move that would mark a 15% increase.
SOL/USD 4-hour chart: TradingviewConversely, if the Solana price fails to hold at $130, further downside to the $120 level could be expected.
Source: https://coingape.com/markets/heres-why-solana-price-could-explode-to-150-soon/
