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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?
Also Read: SOL Price Shoots $30 As Solana Investment Products Record $15 Million Inflows
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.
Source-Tradingview
In the daily time frame chart, the Solana 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 1.2%, 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.
Solana Price Technical Analysis
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.
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