Solana price stayed on the upside trajectory for the fourth successive day, sustaining action above the $150 mark for the third successive session. The coin traded at $153 at the time of writing, up by 0.5% on the daily chart to take its weekly gains to 13%. SOL price has also reclaimed $154 for the first time in over a month, underlining the strong bullish hold.
The total stablecoin supply on Solana blockchain reached record highs of $12.886 billion on Thursday, underlining strong utility for the coin. Meanwhile, Solana’s trading volume grew by 4.85% in the last 24 hours to reach $4.2 billion, as per CoinMarketCap data. In addition, its daily RSI is at 66 and the 4-hour Average Directional Index (ADX) is at 33, adding credence to the likely continuation of the upside.
Solana price will likely need to stay above the $150 psychological mark to maintain traction for a continued upside. Solana’s upside potential is also supported by the resurgence in meme coin prices. According to Messari.io data, meme coin prices registered 24.7% growth in the last seven days. On the downside, however, Solana chain’s DeFi activity declined marginally by 0.4% in the last 24 hours, and that will subdue gains by SOL price in the near-term.
Solana Price Prediction
The momentum on Solana price favours the buyers to be in control above $153. The upside will likely meet initial resistance at $155. An extended control by the buyers will break above that level and could potentially raise the action to test the next hurdle at $157.
On the other hand the momentum could shift to the downside if the price goes below $153. In that case, the SOLUSD pair could go on to find the first support at $150. Below that level, the upside momentum will be invalid. In addition, a stronger downward momentum could take action lower to test $147.
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