The Solana price has risen by 1.5% in the past 24 hours, with the altcoin reaching $172 as the crypto market as a whole falls slightly today.
This means that SOL is now up by 4% in a week and by 38% in the past month, with the sixth-biggest token also posting a 6% gain in a year.
But what’s particularly bullish about today’s move is that it has happened as the coin’s 1-day chart is about to form a golden cross, a signal that can indicate an incoming breakout.
And with the Solana price still 41% down from its ATH of $293 (set in January), there’s plenty of scope for some big returns in the next few weeks and beyond.
Solana Price Prediction: Crypto Experts Spot Golden Cross Pattern Forming, Is SOL About To Blast Past $200?
After a very difficult February, March and early April, Solana has joined the market in moving into a position from which it could gain heavily.
As the chart below shows, its 30-day average (orange) is very close to cross the 200-day (blue), forming the aforementioned golden cross.
Once this happens, we could see the Solanba price break through its current resistance level at around $180 and rise even higher.
Source: TradingViewWe also see SOL’s relative strength index (purple) in a higher position, having reached 75 a few days ago.
This highlights a growth in buying pressure, with the coin’s trading volume at $5.3 billion today, which is more than triple where it was at the start of the month.
There has also been an uptick in big SOL transfers, with one whale sending over $278 million in Solana to Kraken on May 14.
This could suggest that larger investors expect the Solana price to pick up soon, so they’re getting ready to capitalize on any big movement.
Another bullish sign is the fact that SOL’s funding rate has been firmly positive for almost two weeks now, meaning that more traders are taking out positions in the token.
This is a good sign for SOL’s near future, while the token’s more distant future remains positive as well, especially with the long-awaited Firedancer update getting nearer to completion.
Firedancer will make Solana’s network more efficient and reliable, further boosting its fundamental strength.
As such, Solana is likely to witness stronger growth once Firedancer arrives, which in turn will push up the Solana price.
The latter could reach $200 in the next few weeks, before reaching $300 by Q4.
A New Solana-Based Token for Market-Beating Rallies
Solana’s growth is also bullish for that many coins that operate on its network, and one of the newest and most promising of these is Solaxy (SOLX).
Solaxy has the distinction of being Solana’s first layer-two network, offering users lower transaction fees and faster confirmation times.
It launched the presale for its SOLX token at the start of the year, and has now raised a hugely impressive $36.5 million.
This makes it one of the biggest sales of the year so far, and the main reason for its success is that investors are becoming increasingly confident in its potential.
Once launched, it will provide an instant bridge between itself and Solana, while its team will expand its compatibility to other chains over time.
It’s aiming to become a key network for meme tokens and DeFi, tapping into the traffic Solana itself generates in these areas.
And because SOLX will be necessary to pay for its transaction fees, the new coin could experience very strong demand.
Latecomers can join its presale by going to the Solaxy website and connecting a wallet, such as Best Wallet.
SOLX is currently selling at $0.001726, but this will rise again tomorrow, so investors should act sooner rather than later.
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