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Highlights
- A bullish breakout from the pennant pattern will accelerate the bullish momentum in SOL price.
- The Solana price correction rebounded above the 50% Fibonacci retracement level indicating a healthy pullback for the higher rally.
- The 24-hour trading volume on the Solana coin is $81.5 Billion, indicating a 2.66% loss.
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.
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