Solana Price Analysis: SOL Price is Trapped in Consolidation But the Big Picture Remains Bullish; Buy Today

Brian Bollinger
Updated
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
Solana SOL Price Prediction

Solana Price Analysis: The Solana price has remained in a sideways trend for nearly four months now. Amid this consolidation, the traders are strictly following two converging trendlines which project the formation of a bullish flag pattern. This pattern is a well-known bullish continuation pattern that encourages a significant uptrend upon the breakout of its resistance trendline.

Key points

  • A bullish crossover from the support trendline may trigger a temporary recovery in the SOL price
  • A breakdown below the support trendline of the flag pattern will invalidate the bullish thesis
  • The 24-hour trading volume in the Solana coin is $480 Million, indicating a 95.4% gain.

Solana Price AnalysisSource-Tradingview

By the press time, the Solana price trades at the $21.26 mark, and with an intraday loss of 2% it retest the support trendline of a flag pattern. The lower price rejection observed in the daily candle reflects the buyers’ continued to defend this support which reflects a possibility of a bullish reversal.

This reversal may trigger a bull cycle within the pattern which encourages a rally to the overhead trendline. Thus, if the buying momentum persists, the Solana price may be nearly 20% of the flag pattern’s resistance trendline.

Also read: Top Web 3 Phones And Their Specifications

Anyhow, until both the aforementioned trendlines are intact the coin holders may witness a sideways. 

However, the most common outcome of the flag pattern is a continuation of the prevailing trendline, and therefore interested traders must for a resistance trendline breakout to witness a sustained rally.

A potential target from the flag pattern completion could be the $40 mark.

Technical indicator

Moving Average Convergence Divergence: Multiple crossovers between the MACD(blue) and signal(orange) accentuate the sideways trend in Solana

Exponential Moving Average:: The 200-day EMA slope wavering around the pattern’s resistance trendline increases the resistance power near this level.

Solana Coin Price Intraday Level

  • Spot price: $21.34
  • Trend: Bearish
  • Volatility: High
  • Resistance levels: $23.9 and $27
  • Support levels: $21.2 and $20-19.8
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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.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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