Solana Price Prediction: Examining SOL Technical Structure With $100 Target Beckoning

Solana price prediction: SOL has continued to attract institutional interest, thus taking back its place as one of the few blue-chip altcoins. According to a weekly report by CoinShares, SOL assets under management crossed the $365 million mark with $12.4 million in additional inflows during the previous week.

Other assets that saw increasing inflows were Bitcoin with $240 million and Ethereum with $49.1 million.

Solana’s position in the market as a fast, scalable, secure, and decentralized network has been the token’s selling point. Its ability to rise from the FTX saga and sell-off to $8 in November last year proves to investors that Solana price could explode and reach all-time highs of $260.

Meanwhile, Solana is trading at $60, up 1% in 24 hours, 5.3% in seven days, 6.4% in a fortnight, and 56% in 30 days, market data by CoinGecko shows.

Solana Price Prediction: SOL Must Break $62 Resistance To Breakout

If the minor ups and downs Solana has experienced in the last few weeks are set aside, the smart contracts token displays a bullish structure, which if sustained could see bulls reclaim key levels while closing the gap to $100.

The confirmation of support at $51 assured traders of the uptrend despite the reality of acute resistance between $60 and $62. SOL managed to break above this zone once this year but the momentum faded at $66 temporarily overshadowing hopes of a breakout above $70.

Support at $60 coupled with a continuing buy signal from the Moving Average Convergence Divergence (MACD) points Solana on an upward trajectory. Therefore, traders should be getting ready to increase exposure to SOL longs as soon as the price climbs above the immediate hurdle of $62.

Caution is advised keeping in mind Solana may be required to sweep lower levels for fresh liquidity to support the next breakout. The 50 Exponential Moving Average (EMA) (red) is in line at $58.41 to absorb the selling pressure.

Depending on the headwinds SOL is facing at $62, the 50 EMA may or may not be able to stop the pullback. For that reason, traders should also keep tabs on the following support at $56, as presented by the 100 EMA (blue).

Crypto.com Exchange Adds Support For SOL/EUR Trading Pair

Crypto.com, one of the leading cryptocurrency exchanges, has announced that it has added support for new trading pairs, SOL/EUR and XRP/EUR.

This support underscores Solana’s growing popularity and demand ahead of the bull run likely to be triggered by the two most anticipated events, starting with the potential approval of Bitcoin spot exchange-traded funds (ETFs) and the halving.

Related Articles

• Ethereum Slashes Energy Use By 99% In Crypto Sustainability: Report
• Bitmain’s AntPool Miner Surpasses DCG’s Foundry As The Leading Bitcoin Mining Pool
• Ethereum Price Prediction: Is ETH Ready For New ATH In 2024?