Solana (SOL) is rebounding neatly in the cryptocurrency market after the cost hit a low of $178 contained in the closing 14 days.
The coin dubbed “Ethereum killer” is at the 2d main the continuing altcoin rally available in the market. With the asset’s recent trading volume up by 6.59% to $3.73 billion and assorted market dynamics, there are concerns if SOL is overbought.
Solana RSI indicates room for growth however raises warning
In step with CoinMarketCap records, SOL’s Relative Energy Index (RSI) at the 2d stands at 56.
For clarification, the RSI measures the most likely exchange in label developments and is estimated on a ranging 0 to 100 scale. Traditionally, an RSI above 70 indicates an asset is potentially overbought and suggests a most likely label reversal.
On the assorted hand, an RSI below 30 implies that the asset is most likely undervalued and may maybe maybe trigger a label amplify. So, SOL’s RSI at 56 shows the coin is neither overbought nor oversold, with future developments hinging on assorted market forces love correlation with Bitcoin (BTC).
Nonetheless, for Solana, the market sentiment stays bullish, which may maybe maybe enhance extra rally of the asset to test new label heights.
Significantly, contained in the closing 24 hours, SOL’s label has traded between a low of $210.37 and a high of $219.56. As of this writing, SOL used to be altering palms at $215.60, up 2.13% in the closing 24 hours.
This leaves it at an 18.26% surge away from the all-time high (ATH) of $263.83 it hit Nov. 22, 2024.
Bullish sentiment drives optimism for 2025
Analysts keep in thoughts Solana’s impressive rebound from below $180 to the new stage indicative of a most likely uptick ahead. As reported by U.This day, SOL kicked off 2025 on a high display conceal, trading above $200 to set a determined outlook for the yr.
There are also predictions that the altcoin may maybe maybe sooner or later win its exchange-traded fund (ETF) licensed by the regulatory authority. Nate Geraci, the president of ETF Retailer, believes the stakes are higher than sooner than and the approval may maybe maybe occur this yr.
5 asset managers have already filed for a pickle Solana ETF, led by Contemporary York-essentially essentially essentially based investment agency VanEck. The others encompass Grayscale, 21Shares, Bitwise and Canary Capital.
