Solana Price Prediction As $SOL Edge Close to a 25% Breakout Rally

Solana Price Prediction: The second half of March saw significant volatility across major cryptocurrencies, including Solana. The Bitcoin price corrected sharply to $60,000, only to rebound above $70,000 within a fortnight, contributing to a sense of unpredictability among market participants. However, despite this consolidation, the SOL price displays an opportunity to drive a directional rally with the formation of a bullish pennant pattern. 

Also Read: 5 Solana Rivals Set To Double In Value Before Bitcoin Halving In April

Solana DEXs Hit Record $50 Billion Volume Amid Market Correction 

Amid the recent market correction, the Solana coin rally reverted from the $210 barrier, shifting the price trajectory sideways in a 4-hour chart. The consolidation bouncing off two converging trendlines indicates the formation of a technical chart pattern called a pennant. 

This bullish continuation pattern occasionally develops in an established uptrend to provide buyers a breather to recuperate bullish momentum. The SOL price currently trades at $181 and with an intraday loss of 5% it’s heading to the pattern’s lower trendline. With a market cap of $80.5 Billion, the Solana coin sustains its position as the fifth-largest cryptocurrency.

In a recent analytical highlight from SolanaFloor, the decentralized exchanges (DEXs) on the Solana blockchain have achieved a remarkable milestone, with trading volumes surpassing $50 billion, marking a new all-time high for monthly activity. 

This surge represents an impressive 126% growth from the previous month, indicating a significant increase in liquidity and trader interest within the Solana ecosystem.

🚨 BREAKING BIG: @solana DEXs volume exceeds $50 billion, a new monthly all-time high.

Growth: 126%
Volume up from last month: $28.62 billion pic.twitter.com/WjZo2hnPgg

— SolanaFloor | Powered by Step Finance (@SolanaFloor) March 24, 2024

Also Read: Bitcoin, Ethereum Eye New Highs Pre-Halving, This Solana-Based Meme Coin Could Double

Solana at a Crucial Junction Within Pennant Pattern

Amid broader market recovery, the Solana price is better positioned to break the upper boundary of the pennant pattern formation. A successful breakout will signal the continuation of the recovery trend and bolster buyers to chase the potential target of $240, followed by $285.

On a contrary note, a breakdown from the triangle support will prolong the SOL coin correction below the $150 mark.

Technical Indicator

• Exponential Moving Average: The 100 EMA slope of the 4-hour chart provides suitable pullback support for crypto buyers.
• Average Directional Index: A notable downturn in the ADX slope reflects the over-extended rally of Solana price cooled down from the last correction trend.