Ethereum, the largest smart contract platform by market value, has numerous competitors. Solana (SOL) is one of the leading ones. After experiencing massive price increases in 2021 with the strong support of FTX, SOL Coin suffered a major setback. However, it managed to rise from the ashes despite the bankruptcy of its biggest supporter.
Solana (SOL) Price
At the time of writing, the price of SOL Coin is at $24. Not all altcoins have made new highs like SOL. Despite the price increase of BTC, there are more cryptocurrencies that remain stagnant. The price increase of SOL Coin clearly reflects the ongoing demand.
Moreover, a recent report from CoinShares stated that institutions invested over $20 million in SOL Coin funds in just one week. The excessive interest from institutions is also noteworthy for SOL, along with XRP Coin.
SOL Coin Analysis
The price of SOL Coin has been increasing alongside a long-term rising support trend line since the beginning of 2023. The price bounced off the support line most recently on September 11 and continues to rise. However, the $27 resistance area has become a difficult wall for SOL Coin bulls to overcome. The ascending triangle formed in the resistance area could trigger further price increases.
The daily RSI is positive, and the closing prices of BTC above $28,300 are promising. So, what do popular crypto analysts predict? Analyst known as Beastlyorion pointed out the upward momentum of the price and focused on the same formation.
Crypto Rand believes that at least a short-term breakout could occur from the resistance area. ShardiB2 emphasized the ongoing bullish momentum with strong daily closings.
Carpe Noctom shared a significant inverse head and shoulders (H&S) formation that has been developing since February.
The readings on the daily chart indicate that the bulls of SOL Coin are supported by two bullish formations. If the $27 region can be surpassed with all this optimism, the price of SOL Coin could reach $40. However, a failure to test the resistance area could lead to a drop to $20. As long as this support area is preserved, there is hope for a new test.
