Sign Up on MEXC
Solana Price Prediction: Amid the increasing uncertainty in the crypto market, the Solana price has been trading sideways within two horizontal levels of $67 and $51.5. These levels are tested twice and indicate no dominance from buyers or sellers. However, as per the Fibonacci retracement level, this correction lies within a zone of healthy retracement, indicating a higher potential of bouncing back.
Also Read: Solana (SOL) Makes History With About 51M Surge in Daily Transactions
A Healthy Retracement May Prolong Recovery
- Rounding bottom pattern governs a recovery trend in Solana price
- The falling price may find suitable support of $51 and $42.5.
- The 24-hour trading volume on the Solana coin is $793 Million, indicating a 34% loss.
Source-Tradingview
The daily chart indicates that the Solana price recovery is aligning with a rounding bottom pattern, a bullish indicator that often signifies sustainable growth and suggests that the asset may have established a solid bottom from which to reverse its trend.
Following this pattern, and aided by a broader market recovery, the SOL price began to regain momentum from mid-October, bouncing back from the $20 mark. This recovery saw the coin price rally by nearly 225% over five weeks, reaching a high of $67.43.
However, the price faced a reversal at this point, coinciding with a significant sell-off in the market. Notably, during its ongoing rally, the SOL price has experienced several such pullbacks, typically retracing to the 38.2% or 50% Fibonacci levels.
Currently, the Solana coin is trading around $57, and as long as it maintains above the 50% Fibonacci level (around $42), there remains an opportunity for a bullish resurgence. If the bullish trend does resume, the prices could potentially ascend towards targets of $78.2, followed by $100 and $121.75.
Steady Rise in Active Addresses
Source- TheBlock
Despite a correction phase in the price behavior, the active addresses in the Solana network show Parabolic growth. According to on-chain data from ‘The Block,’ the number of active addresses has reached a six-month high of 444.48k. This higher number of active addresses indicates growing interest and participation in the Solana ecosystem and the demand for SOL tokens in the long term.
- Vortex indicator: A bearish crossover between the VI+ And VI- slopes accentuate a correction mode is active.
- Exponential Moving Average: The 20-day EMA slope offers strong pullback support to buyers.
- SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes
- Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze
- Expert Blames ‘Secret Committee’ for Rejecting MSTR Stock Inclusion to S&P 500
- MARA Bitcoin Treasury Nears $6 Billion, Trails Only Strategy in Public Rankings
- Senate Banking Committee Releases Updated Draft Crypto Market Structure Bill
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
- ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?
- Bitcoin Price Prediction as SEC Unveils Agenda for Crypto Regulation — Is $200K Next?
- ONDO Price Prediction Amid Bitget Collaboration on Tokenized Stocks and ETFs: Is $2 Next?
