Solana Price Prediction As Buyers Challenge 300-Days Resistance; Will Recovery Continue?

Sahil Mahadik
Updated
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SOL price

Solana Price Prediction: As optimism gradually returns to the cryptocurrency arena, the SOL coin has embarked on a robust recovery, recently hitting a 10-month high of $35. While the ongoing bullish momentum appears sustainable, a long-standing resistance trendline, situated around the $35 mark within a channel pattern, suggests that this altcoin could face considerable selling pressure. Thus, can this rally push past this pivotal level?

Also Read: VanEck Prediction on 10,600% Solana Price Rally By 2030 Triggers Debate

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Overhead Supply May Trigger New Correction

  • The rising channel pattern leads the ongoing uptrend in SOL price
  • A potential breakout from the overhead trendline will accelerate the bullish momentum
  • The 24-hour trading volume on the Solana coin is $1.04 Million, indicating a 142% gain.

Solana Price PredictionSource-Tradingview

On the daily chart, the Solana price trajectory has formed a V-shaped recovery from its low of $17.4. The upswing is backed by increasing trading volume, signaling buyer confidence and a concerted effort to push the asset higher. 

In the past two months, altcoin has seen an impressive 102% surge, bringing it to its current trading price of $35. However, this bullish wave appears to be part of a larger rising channel pattern that has been dictating the SOL price action for the past 10 months. 

With an intraday gain of 6.58%, the buyers tested the upper boundary of this channel, eyeing a bullish breakout. Historical behavior indicates that attempts to breach this dynamic resistance often result in amplified sell-off pressure, leading to significant corrections. 

New market participants should exercise caution and await a confirmed breakout above this crucial resistance level. If a breakout does occur, the resulting rally could potentially elevate the asset to $55.

[converter id=”sol-solana” url=”https://coingape.com/price/converter/sol-to-usd/?amount=1″]

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Can SOL Price Fall Back to $30?

Amidst last week’s volatility in the crypto market, the SOL price experienced a minor dip on its daily chart, briefly retracting to an immediate support level at $32. However, this pullback was short-lived, as buyers quickly drove prices back up. With this altcoin now at a make-or-break level, a slide below $32 would offer a stronger case for a trend reversal.

  • Average Directional Index: The daily ADX reads at 53%, hinting that the current bullish momentum might be nearing exhaustion, thus opening the door for a potential pullback.
  • Exponential Moving Averages: The sharp incline in daily EMAs(20, 50, 100, and 200) underscores the market’s strong bullish sentiment.
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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.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
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.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.