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Solana price prediction: After a massive rally in January, the Solana coin price has been sideways for the past three months. During this consolidation, the prices resonated between the two converging trendlines indicating the formation of a bullish flag pattern. Thus, the decreasing volume action indicates this sideways trend is temporary, and the buyers may region trend control.
Key points
- In theory, the flag pattern offers a short break before the bull run continues
- The Solana price may prolong a sideways trend until the pattern is intact.
- The 24-hour trading volume in the Solana coin is $6.1 Billion, indicating a 41% gain.
Source-Tradingview
Amid the recent sell-off in the crypto market, the Solana price has plunged back to the flag pattern’s support trendline and is currently trading at $21.37. With a 4% intraday fall, the coin price retests the lower trendline to check if buyers can sustain a higher level.
If the altcoin manages to hold above the aforementioned trendline, the coin holders may witness a bull cycle within this chart pattern. This bullish reversal may drive the prices 20% high to rechallenge the overhead trendline.
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Under the influence of this pattern, the Solana price is poised to break the resistance trendline and flip it into viable support to climb higher levels of the chart. This breakout would intensify the buying momentum and soar this coin another 40% higher to hit the first target of $36.
While things look bullish for Solana coin, a breakdown below the support trendline shown above the bullish thesis will get invalidated.
Technical indicator
Relative Strength Index: Despite the lower higher formation in price action, the daily-RSI slope is rising which indicates increasing buying pressure and a higher possibility for a flag upside breakout.
Fibonacci Retracement: The correction during the flag pattern also tested a 50% FIB level which is considered a healthy uptrend continuation.
Solana Coin Price Intraday Level
- Spot price: $21.42
- Trend: Bearish
- Volatility: High
- Resistance levels: $23.8 and $27
- Support levels: $21.2 and $20-19.8
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