Solana Price Prediction As Buyers Challenge 300-Days Resistance

Solana Price Prediction As Buyers Challenge 300-Days Resistance

Solana Price Prediction: The rising SOL price is a make-or-break situation as buyers hit a crucial resistance.

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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.

Solana Price PredictionSource-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.

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.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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