NewsletterSolana Price Prediction: Here’s Why SOL Seems Ready To Surpass $15 Barrier?
Amid the ongoing recovery sentiment in the crypto market, the Solana price rebounded from the local support of $12.75. this bullish reversal carried the price rally of 15.3% in the last two days. Moreover, this price jump triggered a bullish double-bottom pattern increasing further growth potential in Solana.
Key points
- Completing the double bottom pattern, the Solana price is poised for an 11% rise.
- The daily- candle closing below the $14.4 mark will invalidate the bullish thesis.
- The 24-hour trading volume in the Solana coin is $836 Billion, indicating a 19% gain.
Source-Tradingview
In response to the recent uncertainty in the crypto market, the Solana coin price resonated in a defined range stretched from $15 to giving it a closer look; this consolidation shows the formation of a double bottom pattern.
In technical analysis, this bullish reversal pattern is quite famous at the market bottom, encouraging a directional rally upon the break out of its neckline resistance. Thus, with a 5.7% intraday price jump, the Solana price gave a massive breakout from the $14.4 neckline resistance.
After a daily candle closing above the $14.4 resistance, the prices are expected to revert lower and retest the breached level as possible support. The new flip support will act as a launchpad to bolster further price growth. In theory, the potential target for this pattern is the same distance covered between the neckline and base support shot from the breakout point.
Thus, a post-retest rally shall drive the Solana Price 11% higher to hit $8.57
On a contrary note, the in-between resistance of $15 has registered bullish growth since last month. Therefore, a daily candle closing below the $14.4 mark will weaken the bullish thesis and continue the following consultation for longer periods.
Thus, traders look for a safer entry for buying above the $15 mark.
Technical indicator
Relative strength index: the RSI indicator, which reflects the strengths of recent price action, suggests a bullish outlook. Despite the sideways trend, the indicator slope constantly rises, suggesting increasing bullish momentum, which supports the $15 breakout.
EMA’s: the recent price pierced the 20 DMA slope, which offers an extra edge for buyers
Resistance level- $14.3 and $15
Support levels- $2.75 and $11.3
- Bitcoin Surges Above $90K Fueled By Fed QT End And Rate Cut Optimism
- HYPE Jumps 10% as Hyperliquid Treasury Firm Sonnet Secures Merger Approval
- Bitamp Wallet Review: User-friendly Web Wallet for Bitcoin Transactions
- Breaking: First U.S. Chainlink ETF Goes Live as Grayscale Launches ‘GLNK’
- Breaking: SEC Chair Reveals Innovation Exemption for Crypto Firms Could Start in January
- XRP Price Slowly Forms a Rare Pattern as Ripple ETFs Near $1B Milestone
- Chainlink Price Eyes More Recovery After Grayscale’s Spot ETF Launch
- FUNToken Is Surging: Will FUN Price Recapture Early 2025 Growth?
- Ethereum Price Prediction: ETF Outflows Hit $79M as Institutional Accumulation Surges
- Pump Coin Price Jumps 10% as Whale Accumulates $23.5M; What’s Next?
- XRP Price Prediction as Ripple Gets MAS Licence in Singapore
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
