• Solana’s price surged past $160, signaling strong positive momentum
• NFT engagement on Solana increased, with first-time wallets jumping by over 39%
• Technical indicators like MACD, CMF, AO, and RSI suggest a bullish outlook for Solana
Solana has seen impressive growth recently, with its price and market cap surging. Increased engagement in Solana’s NFT ecosystem also signals its expanding appeal. But will this momentum continue, and what is the outlook for Solana’s price?
Recent Price Activity
- Solana’s price has increased over 4% in the last 24 hours, rising past $160 resistance level to $168
- Market cap now stands at $75 billion, up 32%
- Trading volume has declined 18% in past 24 hours to $35 billion
- Circulating supply is 448 million SOL out of 576 million total
Surge in NFT Engagement
- Number of unique wallets interacting with Solana NFTs has jumped 159% to 180,000
- Biggest growth from first-time wallets, up 39% to over 56,000
- Top NFT collections driving increased volumes and new user growth
- Highlights expanding appeal of Solana’s NFT ecosystem
Bullish Price Outlook
- Current uptrend could push price to test $170 resistance
- Break above $170 may signal revival of bullish momentum
- In that scenario, price could approach $190 next
- With strong bullish pressure, SOL could hit $250 in next run
- However, potential for pullback to $155 support if bulls lose control
Technical Analysis
- 4-hour indicators suggest bullish outlook
- MACD shows bullish crossover, trading above signal line
- Chaikin Money Flow at 0.29, reflecting influx of buying pressure
- Awesome Oscillator reading 8.70, shift towards bullish momentum
- RSI at 72.75, SOL is in overbought territory
Conclusion
With its recent surge past $160, Solana shows strong positive momentum. Increased NFT engagement also boosts SOL’s appeal. Technical indicators currently favor the bulls, pointing to potential for further gains. If the uptrend continues, SOL could target $200 or even $250 next. But the coin remains volatile, so some retracement is also likely. Overall, the outlook for Solana price appears bullish.
