Key Takeaways
- SOL has seen a 2.5% increase in the last 24 hours, trading above $190.
- The upcoming Accelerate APAC event could drive SOL’s price towards $220.
- Increased trading volumes suggest growing investor interest in SOL.
Solana Price Surges Past $190 Amid Shifting Market Sentiment
Solana (SOL), the native cryptocurrency of the Solana blockchain , is experiencing a positive trend, mirroring the broader market’s upward movement. Currently, SOL is trading above the $190 mark, reflecting a 2.5% gain over the past 24 hours.
This recovery is being bolstered by a significant surge in trading volumes, reaching levels not observed since January. This uptick in activity precedes the Accelerate Asia Pacific Accreditation Cooperation (APAC) event scheduled for Friday. The event is anticipated to showcase key developments within the Solana ecosystem.
The Accelerate APAC event, commencing in China, is poised to highlight Solana’s expanding influence within the region’s Decentralized Physical Infrastructure Networks (DePIN) sector. This focus is generating optimism among traders and investors regarding potential price appreciation for SOL.
On-chain data reveals that Solana’s trading volume across all exchange applications reached $220 million on Saturday, its highest point since mid-January. This heightened volume signals increased trader engagement and a positive outlook for SOL’s short-term price trajectory.
Bullish Momentum Returns: SOL Eyes $220 Target
While the SOL/USD 4-hour chart previously indicated bearish conditions, momentum indicators are now showing signs of a shift towards a bullish trend. The recent 2.5% gain comes after a 13% decline last week, which occurred when the price was rejected around the 50-day Exponential Moving Average (EMA) at $206.09.
At present, SOL is trading at approximately $193 and shows potential to retest the 50-day EMA in the near future. The Relative Strength Index (RSI) on the 4-hour chart stands at 56 and is trending upwards, indicating an approaching overbought condition and early signals of bullish momentum.
For SOL to sustain a recovery, the RSI needs to remain above the neutral level. A strong upward movement could propel SOL’s price towards the $220 level in the coming days.
Conversely, if SOL fails to maintain this positive momentum and encounters a correction, the price may decline further, potentially testing the significant support level at $186.
Expert Summary
Solana (SOL) is showing renewed strength, trading above $190 with increasing trading volumes. The upcoming Accelerate APAC event is a key catalyst, with market watchers expecting it to positively influence SOL’s price, potentially sending it towards the $220 mark. While technical indicators suggest a bullish shift, continued upward momentum is crucial to avoid a potential retreat to support levels around $186.