Solana Price Set for Massive Gains? RSI Hints at Major Rally from Key Support Level
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The Solana price has risen by 0.5% in the past hour, reaching $129.70 as the cryptocurrency market recovers a little today after a difficult weekend.
SOL is now up by 1.5% in the past week, and while it remains down by 16% in a month, its chart has witnessed a bullish divergence today.
Its relative strength index has begun rising just as the Solana price has struggled, indicating that a turnaround is coming soon.
And with the coin rising in the past hour, it may be that this turnaround has already begun.
Solana Price Set for Massive Gains? RSI Hints at Major Rally from Key Support Level
As we can see below, Solana’s RSI (purple) began its turnaround early on Saturday, following the coin’s slip from around $134 to a seven-day low of $123.
It started Saturday at around 30, before rising steadily towards 65 yesterday, and while it slipped a little last night it has since climbed back up to 65.
This reveals growing momentum, which is consistent with the past hour’s increase.
What also points towards incoming gains is the 30-period moving average (orange), which has been below the 200-period average (blue) for over a week now.
And when you add the fact that the coin’s support (green) and resistance (red) levels are on a collision course, it would seem that Solana’s days of languishing between $120 and $130 are numbered.
However, it will need a big buy from a whale to get things moving, with the last significant transfer happening on August 20, when one large trader moved approx. $22 million in SOL to Binance.
Despite the recent inactivity (save for selling), Solana continues to have some of the strongest fundamentals in the cryptocurrency market.
It has grown in recent months on the back of demand for meme tokens, with Solana becoming the blockchain for new coin issues.
While issuance has slowed down in the past month, Solana’s network has processed well over 50 million non-vote transactions per day since January (as compared with around one million per day for Ethereum).
As such, Solana remains in sound health overall, with a wider market recovery almost certainly pushing up the Solana price with it.
It could return to $150 by October, before touching $200 by the end of the year.
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Solana won’t be the only alt making big moves in the coming weeks and months, with a variety of newer tokens also likely to outperform the market this year.
Some of these new tokens will be presale coins, which can often rally hard on the back of strong momentum from their raises.
And one strong example in this category is Shiba Shootout (SHIBASHOOT), a new Ethereum-based crypto that has raised over $1 million in its ongoing sale.
Mixing Wild West stylings with familiar Shiba Inu memes, Shiba Shootout is building a community based around online mini-games and contests, including poker tournaments, lotteries and virtual treasure hunts.
Winners of these games will earn SHIBASHOOT, something which will incentivize greater engagement in Shiba Shootout’s ecosystem over the long-term.
Also motivating participation will be the ability to join governance votes by holding SHIBASHOOT, with holders able to shape the project’s future.
As a coin, SHIBASHOOT will have a max supply of 2.2 billion SHIBASHOOT, with its presale receiving 35% of this supply and staking 20%.
Newcomers can join its presale via the official Shiba Shootout website, where 1 SHIBASHOOT token now costs $0.0202
This price will rise in just under seven days, while the coin’s growing popularity could see it rally much higher once it lists.
