Solana (SOL) Targets New High with Positive Momentum

• Solana’s price has climbed over 8.48%, from $165.93 to a high of $180.
• Ali Martinez predicts a 900% gain for Solana, which could drive its price up to $1,000.

As global crypto markets react to Bitcoin’s price surge and Ethereum ETF news, Solana (SOL) has come into the spotlight, with its price climbing to the $180 zone. The latest buzz centers around the potential filing for a Solana ETF by Franklin Templeton, a prominent global asset management firm known for its optimistic view of Solana’s growing influence in cryptocurrency. This speculation follows similar moves by firms like VanEck and 21Shares, amplifying interest in Solana ETFs.

Following the positive optimism, Solana’s price has displayed an uptick of over 8.48% in the past 24 hours, holding firm above the $175 mark. On-chain analyst Ali Martinez predicts a potential 900% increase in SOL’s value, with the price reaching $1,000. This projection is supported by recent price patterns similar to those seen in July 2021, which led to Solana’s all-time high of $260 in November 2021.

Solana (SOL) Technical Overview

At the time of writing, SOL is trading at $178, with a market cap of $83 billion, and has shown an uptrend similar to BTC and ETH. According to the 24-hour Solana price prediction, the cryptocurrency has been trading above the $170 and $175 resistance levels. It has also surpassed the 50% Fibonacci retracement level of the downward move from the $167 low to the $180 high.

Additionally, Solana’s price comfortably sits above the 21-day and 9-day moving averages, indicating positive momentum. Further, the RSI indicator is at 59, signaling that Solana is still in the neutral zone without reaching overbought conditions, indicating positive momentum. 

If the price of SOL continues to surge, it may face immediate resistance around the $185 zone, with the next major hurdle at $193. A decisive close above $193 could pave the way for further gains, potentially pushing the price to $300.

Conversely, if Solana fails to break above the $180 resistance, a straight decline could be on the horizon. Initial support is seen at $170, with a significant support level standing at $165. A drop below $160 could lead to a further dip, possibly testing the $150 range and beyond.

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