NewsletterSOL Price Prediction: These Crucial Levels Will Determine If Solana Price Could Rally 28% or Tumble 17%
SOL price prediction: Amid the ongoing recovery in the crypto market, the Solana coin price has been strictly resonating between a long-coming resistance trendline and a local support zone of $19.6-$19.2. This consolidation phase can be considered as an on-trading zone but the coiled-up price may outburst to a significant price movement. Here’s how you can trade the upcoming breakout.
Key Points
- The Solana price will prolong the ongoing downtrend until the overhead trendline is intact
- A potential bullish breakout from the trendline resistance will be an early sign for trend reversal.
- The 24-hour trading volume in the Solana coin is $280 Million, indicating a 21% loss.
Source-Tradingview
Over the last ten months, the Solana coin price has witnessed active selling at a downsloping trendline. Whenever the coin price meets this dynamic resistance, the selling pressure rises which triggers a prolonged correction.
However, on March 24th, the coin price turned down from this resistance trendline but couldn’t breach local support of $19.6-19.2. As the uncertainty in the crypto market increases, the SOL price spread has been limited between the aforementioned levels.
Also Read: Top 6 Liquid Staking Platforms On Ethereum
Thus, a decisive breakout from either the trendline or $19.2 support will be the key factor to determine the upcoming trend in the Solana coin.
Therefore, if a potential breakout gives a daily candle closing above the trendline, the build-up buying pressure will surge the Solana price 28% higher to hit $26.9.
On a contrary note, a breakdown below $19.2 will intensify the selling pressure and lead the prices to 17% down to hit $16.
Technical indicator
Relative Strength Index: The daily RSI slope wavering around the midline accentuates indecisiveness among market participants.
Exponential Moving Average: the flattish EMAs(20, 50, and 100) indicates a sideways trend in solana price
Solana Price Intraday Level
- Spot price: $20.95
- Trend: Bearish
- Volatility: High
- Resistance levels: $22.5 and $27
- Support levels: $19 and $16
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
