Solana Price Prediction: A bullish breakout from the upper trendline of the channel pattern could set the SOL price aggressive rally.
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Solana Price Prediction: As rumors circulate about the approval of a Spot Bitcoin ETF, the crypto market has been on a bullish upswing for the past fortnight. Among the major beneficiaries is Solana (SOL), which has seen a phenomenal recovery, soaring from an October 13 low of $21.11 to its current trading price of $32.19—a remarkable 55% increase. Coupled with rising trading volume, these indicators point to a likely sustained bull run. However, is this momentum strong enough to propel Solana to the $50 milestone?
Is SOL Price Heading to $40?
- A rising channel pattern governs the current recovery in SOL price
- A bullish breakout from the pattern overhead trendline could boast the buying momentum.
- The 24-hour trading volume on the Solana coin is $1.5 Billion, indicating a 10% loss.
In the daily time frame chart, the Solana coin price shows the formation of a rising channel pattern. Over the past 11 months, the coin price has been resonating within this pattern facing dynamic resistance and support.
With an intraday gain of 9.4%, the asset is inching closer to the channel’s upper trendline, where it may encounter increased supply pressure. Should the bullish momentum break through this upper trendline, it could serve as a springboard for an even more aggressive rally.
According to the pattern’s ideal target, a post-breakout rally could see SOL price surging another 51%, potentially hitting the $54 mark.
Conversely, if the resistance trendline holds firm, we could see a price reversal and continuation of a shallow recovery within the pattern.
Can Current Recovery Extend?
During the second week of November 2022, the Solana Price witnessed a bloodbath due to its relation with the FTX token during its collapse. As a result, the coin witnessed a drop from $31.72 high to a low of $12.37. However, with the current recovery cycle, the coin price has recovered these losses and reached the current trading price of $33. Reclaiming a crucial level of bear attack indicates the buyers have built sufficient momentum to extend the recovery trend.
- Bollinger Band: An upswing in the upper band of the Bollinger band indicator reflects the buying momentum is active
- Average Directional Index: the ADX slope at 41% indicates the buyers could soon run out of steam and may need a pullback.
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.