Highlights
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
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.
Also Read: Bitcoin, Ethereum Eye New Highs Pre-Halving, This Solana-Based Meme Coin Could Double
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.
Related Articles
The Pi Network price has been left behind in the ongoing crypto market bull run.…
The Bitcoin price continues to show renewed strength after breaking through a crucial chart structure…
The Dogecoin price has recently shown renewed strength after a sustained period of consolidation. The…
Floki price has drawn strong attention after recording a bullish daily surge of over 30%.…
BNB Coin price has entered a powerful phase after breaking through a major resistance level…
Aster price has recently shown strong signals on the chart, with a breakout from its…