Solana (SOL) has seen a strong rally, gaining 8.91% in the past 24 hours and trading at $135.98. The surge has been driven by positive technical signals, with the price attempting to break above the $133 mark (SMA 200). If Solana can maintain this momentum, analysts expect a potential rally to $156.19 and possibly as high as $188, marking a significant recovery from its recent lows. The RSI indicates that the asset is approaching overbought levels, suggesting a short-term consolidation could be possible.
Solana has been benefiting from growing institutional interest and an expanding DeFi ecosystem, which has contributed to its recent gains. Additionally, network upgrades aimed at improving scalability and transaction speed have boosted investor confidence. The upcoming week will be critical for SOL, as it needs to break key resistance levels to confirm a longer-term bullish trend.
Despite the recent rally, Solana is not without risks. A failure to hold above $133 could lead to a short-term correction, with support at $120. However, the overall market sentiment remains positive, and SOL could continue to attract investors if it sustains its current upward trajectory. Traders should monitor the asset closely for any signs of a breakout or pullback.