Solana Price Prediction As Buyers Set to Strike 700-Day Barrier, Time to Sell or Hold?
Highlights
- A SOL price rebounded from $105 flipped support with a morning star reversal pattern.
- A current recovery trend will face intense supply pressure at the $125 mark.
- The 24-hour trading volume on the Solana coin is $1.39 Billion, indicating a 3.5% loss.
Solana Price Prediction: The waning bullish momentum in the bitcoin price triggered a sudden supply pressure in the altcoin market, including Solana. On February 15th, the SOL price turned down from $118.5 and plunged to $105, registering an 11.3% loss within three days. However, this pullback supported by decreasing volume indicates weak conviction from sellers and the possibility of a temporary pullback. Should you buy the current dip?
Also Read: Solana Price Prediction As Surprise Rally Breaks $116 Level, Is SOL Reclaiming $130 Next?
Sustainable Recovery Sets Solana Price Leap to $125
The Solana coin sparked a new recovery in late January when the price successfully rebounded from $79 support. The positive turnaround has indicated the buyers are accumulating this asset at a discounted, a key sign of an established uptrend, and also uplifted the coin by 43% to currently trade at $113.
This recovery backed by an occasional pullback and increasing volume reflects sustainable growth and the buyers’ potential to prolong the prevailing uptrend. Moreover, Solana’s recent partnership with Filecoin marks a pivotal shift towards decentralized storage solutions, significantly boosting the blockchain’s reliability and scalability. This collaboration enables Solana to leverage Filecoin’s decentralized storage network, ensuring data redundancy, scalability, and enhanced security for its users.
The integration facilitates better accessibility and utility of Solana’s block history for infrastructure providers, explorers, indexers, and anyone requiring historical blockchain data access. This strategic move underscores the growing synergy between blockchain networks, illustrating a collective effort to forge more robust and resilient digital ecosystems for users and developers alike.
With sustained buying, the Solana price will surge 10% to hit the $124.5 neckline resistance of the cup and handle. This will be a pivotal point for Solana as a potential breakout will signal the asset’s escape from nearly 2-years long accumulation.
The post-breakout rally will likely set the price for a rally to $250.65.
Also Read: Top Analyst Expects 40% Bitcoin Price Correction Before Rally To $150K, Here’s Why.
Technical Indicator
- Bollinger Band: The midline of the Bollinger Band indicator provides dynamic support to the current recovery trend.
- Relative Strength Index: The daily RSI slope above 60% reflects bullish momentum in favor of extended recovery.
Related Articles: Crypto Market Analysis For February 18th: BTC Hints Local Top At $52K, ADA and GRT Jump +5%
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