Solana Price Prediction As SOL Skyrockets Hitting 14-Month High, How Nigh Is $50?

Solana (SOL), one of the most competitive smart contracts tokens, continues to defy market doldrums with its unstoppable rally, climbing above $40 for the first since August 2022. This bullish outcome comes despite Sam Bankman-Fried’s trial, a year after the FTX debacle which left SOL nursing deeper wounds with losses extending to $8 compared to the all-time high of $260 in 2021. Solana’s connection to FTX and its trading firm Alameda put it in a precarious position but the token has shown exemplary performance this year.

If bulls uphold support at $40, there will be an opportunity for traders to double down on SOL for gains above $50. Nevertheless, a sweep through lower price points could offer fresh entries and create liquidity for another bigger breakout.

Also Read: Solana Price Rally To $40 Imminent As AUM Inflows Hit $24M, Second Only To Bitcoin

Is SOL Price Heading to $50?

• 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 $1.6 Million, indicating a 28% gain.

Source-Tradingview

Over the past seven weeks, the Solana price has witnessed a remarkable rally of 134%, leaping from $17.4 to its present value of $41. The coin price not only broke out decisively from the resistance trendline of a channel pattern on October 31, but it also projects that buyers are keen on fueling a more robust rally. 

This bullish momentum is likely bolstered by two key factors: the recent launch of the ‘Gameshift’ Beta by Solana Labs, aimed at simplifying the development of blockchain games, and a wave of short liquidations since last week as indicated by Coinglass data. 

Moreover, with an intraday gain of 6.5%, the SOL price has shattered a multi-month resistance at $1.89, offering traders a promising follow-up to the channel pattern breakout. Based on this pattern’s dynamics, this altcoin appears set for another 32% growth, targeting the $1.54 level.

Is Current Recovery Sustainable?

While the prevailing sentiment for the Solana coin is overwhelmingly bullish, a minor pullback to gather momentum should not be ruled out. Such a retracement would likely retest the newly breached trendline, serving as a gauge for the asset’s ability to sustain higher price levels. If the coin successfully maintains this support, its recovery trend could well continue toward the aforementioned targets.

• Directional Movement Index: The widening spread between the DI+ and DI- lines in a bullish crossover state underscores the aggressive buying activity
• Exponential Moving Averages: The rising 20 EMA curve may act as a strong pullback support.