Solana Price Prediction As $SOL Edge Close To A 30% Breakout Rally
Solana Price Prediction: In the last two months, the Solana price has witnessed an aggressive recovery, where the price surged from $21 to a new year high of $79.5, accounting for 279% growth. while the current uncertainty in the crypto market has created some disturbance in SOL price recovery, the emergence of a rising wedge pattern continues to bolster a bullish trendline. Here’s how this pattern could shape the near future trend of this asset.
Also Read: Solana Flips Ethereum DEX Volume As Saga Mobile Gets Sold Out & BONK Price Rally
Is $100 Within Reach?
- Until the rising wedge pattern is intact, the SOL price recovery will continue to higher
- An upside breakout from the wedge pattern will intensify the buying pressure.
- The 24-hour trading volume on the Solana coin is $2.01 Billion, indicating a 30% gain.
Despite the short-term price action being full of turbulence, the Solana price sustains an overall uptrend. With the bullish run in SOL price crossing the $75 mark, the buyers are ready to signal a new breakout at $80.
Furthermore, the high-intensity buying pressure in Solana helps the altcoins fly above the recent correction in Bitcoin. In the daily chart, the coin price action also forms a rising wedge pattern as two opposite trendlines taper the SOL price movement.
With a failed V-shaped recovery attempt from buyers to surpass $76, bears take the opportunity and tease a double top. The neckline of this bearish pattern stands at $63.6 and warns of a correction phase with a huge impact.
In case the sellers gain momentum, the downtrend will result in a 30% fall to $51.
Rounding Bottom Pattern Keeps Recovery Intact
The recovery trajectory of the Solana price in the weekly chart forms a rounding bottom pattern with the buying pressure on the rise. According to the rise in trading volume supporting the reversal, the long-term trend teases a strong move upward.
Further, the long-term reversal pattern trumps the rising wedge in daily charts and signals an overall bullish trend for Solana. Therefore, the bullish break of $80 will mark a strong bullish trend potentially crossing the psychological mark of $100.
- Exponentially moving: The 20-day EMA acts as a safety net for buyers amid a correction trend.
- Relative strength index: The daily RSI slope shows an uptick above 60% reflecting the recovery trend is intact.
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