Solana’s (SOL) price has surged to a multi-month high of $189.11, largely fueled by the recent election of pro-crypto Donald Trump in the U.S. presidential race.
This marks a level the altcoin last reached in July, and with continued demand, SOL may soon target its year-to-date high of $210.03. But how close is it to achieving this milestone?
Solana’s Price Boosted by Election Results
The recent U.S. presidential election sparked a rally in Solana’s value. As election results confirmed Trump’s win, Solana’s trading volume surged to a three-month high of $8.33 billion. This demand boost has driven SOL above its 20-day exponential moving average (EMA), a key indicator showing positive momentum.
When an asset trades above its 20-day EMA, it signals a bullish trend, suggesting the market’s sentiment is optimistic. This price action is often seen as a sign that buying pressure is strong, indicating the potential for continued upward movement in the short term.
Rising RSI Signals Bullish Momentum for Solana
Adding to the positive sentiment, Solana’s Relative Strength Index (RSI) currently stands at 66.87, supporting a bullish outlook. The RSI measures whether an asset is overbought or oversold, ranging from 0 to 100. A reading above 70 usually indicates overbought conditions, while below 30 signals oversold status.
With an RSI reading just below the overbought level, Solana appears to have strong upward momentum without being overextended. This means there may still be room for further gains before a potential correction.
SOL Price Prediction: Testing Year-to-Date High
At present, Solana trades at $189.11, slightly above the critical $186.40 level. If buying pressure continues, SOL could push past $193.34, a crucial resistance point, and reach its 2023 high of $210.03.
However, a pullback could occur if profit-taking intensifies. If that happens, Solana’s price may dip below $186.40 and potentially fall to $171.78, reversing some recent gains.
Solana’s trajectory in the coming days will reveal whether it can reach its year-to-date high or if a cooldown in buying pressure will lead to a correction.
