Solana Price Forecast: 22% Bullish Comeback in the Offing Amid Bitcoin Meltdown

Solana price forecast: The price of SOL decreased by 8.4% in the last 24 hours to trade at $136 during European business hours. The price drop may have been influenced by Bitcoin’s recent drop below the crucial support level of $60,000, which also affected other cryptocurrencies. 

Solana Price Forecast: Bulls Eye 22% Short-Term Gains

Solana price fell along with the broader market, following Bitcoin’s drop late last night. The recent Bitcoin downturn is part of a 3-day price drop from $63,490 to its current $58,893. Solana took a hit and dropped from $155 to its current $136. Nevertheless, the SOL price remains above the 200-day simple moving average (SMA), which is a bullish indicator for the asset.

Despite the overall crypto market cap dropping by 4% to $2.29 trillion, Solana’s price action has not broken form, maintaining its symmetrical triangle formation. The asset found support at the 200-day SMA and seems to be bouncing back up.

The price of SOL must remain above $128 for the asset to continue to be bullish. Otherwise, a break below this level could result in further downside toward the $87 major support level. If bulls prevail and the SOL price bounces off the current 200-day SMA support, Solana may rise further in a 22% surge to hit $164, which coincides with the top trend line of the symmetrical triangle.

The prevailing trend before this chart pattern formed was upward. Zooming out, the symmetrical triangle becomes part of a bullish pennant chart formation, which has a high probability of resolving to the upside. This Solana price prediction shows a break above the symmetrical triangle may result in a further 37% price swing to put SOL’s price at $227, just 12% shy of the previous all-time high.

Solana ETF Filing is The Biggest Price Driver Currently

News of VanEck and 21Shares filing for a SOL ETF has rocked the crypto space. Crypto enthusiasts are calling for a Solana alt season if the ETF gets approval soon.

In the GSR Trading report on the ETF possibility score, Solana comes right below Ethereum with a 0.58 score against ETH’s 1.13. The rankings were based on decentralization and demand scores. According to the report, if a SOL ETF receives approval, the asset’s value could soar by 8,900%  in this bull market. 

Bottom Line

Solana’s price analysis reveals an impressive bullish stance, even as Bitcoin price experiences a downturn. SOL’s growing adoption in the crypto market allows it to maintain positive momentum despite broader market trends. The continued resilience in price action is proof of its ecosystem growth, which attracts investor interest and may potentially set the stage for further gains.