Price Analysis

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

The Solana price develops a bullish pattern amid constructive pullback to prolong a high momentum rally; Buy now?
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Solana Price Prediction As $SOL Edge Close to a 25% Breakout Rally

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

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Solana DEXs Hit Record $50 Billion Volume Amid Market Correction

Solana Price Prediction| Tradingview

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

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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.

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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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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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