SOL Price Could Rise More Even After 6+% Increase In 24 Hours

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• SOL saw a more than 6% price increase over the last 24 hours.
• According to Mattew Dixon, SOL’s next target is $26.60.
• SOL’s 9-EMA line remains bullishly above the 20-EMA line.

Today is certainly not a blue Monday for Solana (SOL) as the Ethereum-killer saw a more than 6% price increase over the last 24 hours to now trade at $24.19. In addition to this, the altcoin is also still in the green by more than 47% over the last week.

SOL also strengthened against Bitcoin (BTC) and Ethereum (ETH) by about 4.46% and 3.72% respectively over the previous day. SOL’s 24-hour trading volume, however, is currently down by more than 31% to now stand at $1,640,475,721.

With its current market cap of $8,855,601,487, SOL is ranked as the 10th biggest crypto. This places it right behind Dogecoin (DOGE) which is ranked 9th, and in front of Polygon (MATIC) in the 11th position.

Solana / US Dollar 4h (Source: TradingView)

The founder and CEO of Evai, Matthew Dixon, took to Twitter earlier this morning to share his thoughts on the price of SOL. According to Dixon, SOL’s next target is $26.60 “equating to 2.618x the red A wave”. He added that the price of the altcoin will then likely turn lower from there.

SOL / Tether US 1D (Source: TradingView)

A technical indicator on SOL’s daily chart seems to support Dixon’s belief that the SOL price might make an upward move soon. This is proven by the fact that SOL’s 9-EMA (Exponential Moving Average) line remains bullishly above the 20-EMA line.

The price of the altcoin has also been knocking on the door of the resistance at $24.26. If the crypto is able to close today’s trading session above this level, it could serve as further proof that SOL’s price is ready to rally.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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