- Solana price sees bullish momentum amid broader market recovery.
- Firedancer upgrade, ETFs, and whale purchases boost investor confidence.
- Solana leads Ethereum in decentralized exchange trading volumes.
Solana (SOL) price has experienced a notable surge of 10% in the past 24 hours, signaling a positive trend in the broader cryptocurrency market. As the majority of major coins have begun to recover, SOL is currently holding steady above the $110 support level, suggesting it could see further gains in the near future. A wave of growth has affected altcoins because Bitcoin (BTC) achieved a 10% price increase. The recent market momentum causes Ethereum (ETH) prices to increase while increasing positive sentiment in the market.
The global markets gained optimism through the temporary suspension of the ongoing tariff war which lasted for 90 days that propelled market rates upward. The temporary suspension of the tariff conflict remains an uncertain factor for China’s market position during the following months. These factors support Solana achieving a price of $130 in the market.
Factors That Could Lead Solana Price to $130 Mark
The Solana price moves toward essential trendline resistance in its current movement. The coin completed its capitulation phase when it dropped by 60% from peak levels before its decline.
Multiple developments might push the Solana price higher within the next year. The upcoming Firedancer upgrade coupled with the possibility of Solana-based exchange-traded funds (ETFs) and its placement in Digital Asset Stockpile are expected to build investor trust. A price rise appears probable because the crypto market is recovering while Solana meme-based coins are experiencing an increase.
The supply of Solana stablecoins continues to grow as decentralized exchange (DEX) transactions increase significantly on the network. Solana maintains a higher volume of 24-hour trading than Ethereum on decentralized exchanges.
Both Chains hold more than 57% of the top 10 DEX volume total which shows their masterful control over decentralized trading markets. Multiple signs suggest Solana is set to experience upward price movement as it targets crossing the $130 resistance level.
Whale Purchases 32,000 SOL for $3.72M
The whale supporting SOL with their recent purchase shows exceptional faith in the token. The whale made another $3.72 million purchase of 32,000 SOL after waiting six months to show continued support for Solana’s prospective growth.
This investor began purchasing SOL tokens three years ago through their purchase of 30,541 SOL tokens at the price of $6.61 million while SOL tokens traded at $216 per token point despite SOL’s price decrease below $10. The whale’s renewed purchase of SOL demonstrates their sustainable approach which indicates their robust belief for Solana’s future development potential.
Is SOL Price on Track for a Strong Recovery?
As of 10th April, the Solana price stands at $111.71, reflecting an 8% recovery over the past 24 hours. The digital asset has been experiencing volatile movements, with recent price fluctuations showing support and resistance levels at $100 and $120, respectively. The MACD indicator shows a positive trend with a reading of 0.23, suggesting bullish momentum. The RSI sits at 50.02, indicating a neutral position and hinting at possible price stabilization.
Source: TradingView
If the Solana price maintains its momentum, a breakout above $120 could push the price toward the $130 resistance level. On the downside, if the $100 level fails to hold, there is potential for a further retracement toward the $90 mark.
