Solana Price Prediction: As optimism gradually returns to the cryptocurrency arena, the SOL coin has embarked on a robust recovery, recently hitting a 10-month high of $35. While the ongoing bullish momentum appears sustainable, a long-standing resistance trendline, situated around the $35 mark within a channel pattern, suggests that this altcoin could face considerable selling pressure. Thus, can this rally push past this pivotal level?
Also Read: VanEck Prediction on 10,600% Solana Price Rally By 2030 Triggers Debate
Overhead Supply May Trigger New Correction
- The rising channel pattern leads the ongoing uptrend in SOL price
- A potential breakout from the overhead trendline will accelerate the bullish momentum
- The 24-hour trading volume on the Solana coin is $1.04 Million, indicating a 142% gain.
Source-Tradingview
On the daily chart, the Solana price trajectory has formed a V-shaped recovery from its low of $17.4. The upswing is backed by increasing trading volume, signaling buyer confidence and a concerted effort to push the asset higher.
In the past two months, altcoin has seen an impressive 102% surge, bringing it to its current trading price of $35. However, this bullish wave appears to be part of a larger rising channel pattern that has been dictating the SOL price action for the past 10 months.
With an intraday gain of 6.58%, the buyers tested the upper boundary of this channel, eyeing a bullish breakout. Historical behavior indicates that attempts to breach this dynamic resistance often result in amplified sell-off pressure, leading to significant corrections.
New market participants should exercise caution and await a confirmed breakout above this crucial resistance level. If a breakout does occur, the resulting rally could potentially elevate the asset to $55.
1 SOL to USD = $36.057 3.88% (24h) Buy / Sell
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Can SOL Price Fall Back to $30?
Amidst last week’s volatility in the crypto market, the SOL price experienced a minor dip on its daily chart, briefly retracting to an immediate support level at $32. However, this pullback was short-lived, as buyers quickly drove prices back up. With this altcoin now at a make-or-break level, a slide below $32 would offer a stronger case for a trend reversal.
- Average Directional Index: The daily ADX reads at 53%, hinting that the current bullish momentum might be nearing exhaustion, thus opening the door for a potential pullback.
- Exponential Moving Averages: The sharp incline in daily EMAs(20, 50, 100, and 200) underscores the market’s strong bullish sentiment.