Solana Price Prediction: The exhausted bullish momentum hints the SOL price may witness a minor pullback before making the next leap.
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Solana Price Prediction: In the last two weeks, the Solana (SOL) coin has emerged as a standout performer, soaring from a low of $21.01 to a high of $31.3—a staggering 40% increase. This upward momentum has breached some crucial resistance like $25 and brought the coin to a three-month high of $31.4. But how much further can buyers push this rally?
Is SOL Price Heading to $36?
- The newfound supply pressure around the $30 mark reflects a minor pullback.
- In a potential pullback, the Coinbase may find suitable support at $26 followed by $24.4.
- The 24-hour trading volume on the Solana coin is $604 Million, indicating a 16% gain.
On the daily chart, the Solana price is exhibiting a steady recovery, adhering to the formation of a rising channel pattern. In the last 10 months, the pattern’s twin trendlines have acted as dynamic support and resistance levels for market participants.
Fueled by the current market sentiment and an intraday gain of 1.3%, the coin is steadily approaching the channel’s upper trendline. If buying pressure is sustained, the SOL price could potentially gain another 20%, aiming for the overhead resistance level of around $36.
However, today’s daily candle shows a long-wick rejection near the $30 psychological resistance, indicating that a minor pullback may be on the horizon. Interestingly, during its current rally, this altcoin has experienced similar pullbacks but has never fallen below the 61.8% or 50% Fibonacci retracement levels.
Therefore, the expected pullback could find ample support at around the $26 level, followed by the $24.4 level, providing enough fuel for the coin to resume its bullish trajectory toward the aforementioned target.
Can Buyers Sustain the Current Recovery?
Given the high volatility the SOL price has witnessed over the past 10 months, its adherence to a rising channel pattern suggests a relatively steady recovery is possible as long as these trendlines hold. While the lower trendline offers a safety net against major corrections, a breakout above the upper trendline could set the stage for a more aggressive rally.
- Bollinger Band: An upswing in the upper boundary of the Bollinger band indicator reflects the buying momentum is aggressive
- Average Directional Index: An uptick in the ADX of around 36% reflects the buyer’s decline.
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.