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After an extended period of volatility, the price of Solana (SOL) has finally pared off all losses over the past week. At the time of writing, the coin has emerged as the best-performing altcoin in the top 10 after soaring as high as 8% in early trading to reclaim the $124 resistance point. With signs of a breakout now visible, the question remains: What's next for SOL?
Solana metrics signal big bounce ahead
Solana slid into a death cross zone earlier this month as the sell-off intensified. At the height of the market drawdown, a SOL whale sell-off was not uncommon, as every trader sought balance.
Godfrey BenjaminWith key SOL metrics like volume now in rebound mode, the speculations that the coin may reclaim the $150 level remain high. At the current price level, Solana has pared off the past week's losses and is now up by 2.68% in the trailing seven-day period.
The SOL/USDT price chart further shows the true picture of the ongoing price recovery.
With a Relative Strength Index (RSI) of 49, momentum has shifted from the oversold level to the neutral zone. From here, the chances of rebounding remain high. However, the MA Cross has yet to fully invalidate the death cross formation, which will fully confirm the breakout.
Solana fundamentals soaring
While the general market trend impacted the price of Solana, some of its core ecosystem fundamentals also serve as a big catalyst for the coin.
Caroline AmosunAs reported earlier by U.Today, Grayscale Investments is advancing the push for a Solana ETF, with plans to attract more institutional investment.
Besides the price push, Solana's open interest is soaring, with more market makers embracing the coin across the board. The Solana meme coin rebirth is also almost back as key innovations and dApp boost are ongoing very fast.
Vladislav Sopov
Dan Burgin