Will the Solana (SOL) rally continue?

Solana (SOL), which attracts new users every day, is growing alongside the increasing total locked asset value.

Solana, which hosts the memecoin supercycle, has achieved the most striking statistics of 2024. The total value locked (TVL) of the Solana blockchain has increased from 1 billion dollars at the beginning of the year to 9.257 billion dollars at the time of writing this news. The popular blockchain has started generating an average daily revenue of 15 million dollars.

Solana, which hosts memecoins such as BONK, WIF, PNUT, ACT, GOAT, and MEW, is breaking records alongside increasing user numbers. The SOL price reached $262 in the morning hours, marking an all-time high (ATH).

AMBCrypto has prepared a striking analysis for SOL.

Solana (SOL) analysis

According to AMBCrypto's analysis, Solana, which has strengthened its upward momentum, could reach $300 by the end of the year.

SOL continues to attract new investors. Open Interest (OI) reached an all-time high of $6.03 billion in the last 24 hours. This data is interpreted as supporting spot demand as well as demand from derivatives.

Despite the positive outlook, the Relative Strength Index (RSI) has formed a bearish divergence. This data indicates a potential increase in selling pressure. AMBCrypto noted that the increasing short positions are noteworthy, and investors should be cautious against changing market sentiment.

The analysis noted;

"This month, the bullish market sentiment reached new highs, but SOL was already overbought. The next major target for SOL will be $300, and if the market maintains its current momentum, this target could be achieved soon."

Analysis pointed out that if cryptocurrencies, especially BTC, continue to remain strong, SOL price will also continue to rise. However, the analysis mentioned that sharp price movements may be seen with the start of profit-taking.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making decisions.