Solana Price Prediction: SOL Price Entering Minor Consolidation at $100

Brian Bollinger
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Solana (SOL)

The reversal rally in the (Solana)SOL price struggles to sustain above the EMAs despite the support of the psychological barrier at $100. Will the psychological barrier push forth the bullish rally, or is it just another pretense for a sideways trend?

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Key points

  • The daily-RSI slope drops back to bearish territory 
  • The SOL price would retest the 100 psychological support
  • The 24-hour trading volume in the Solana coin is $1.8 Billion, indicating a 7.9% gain

SOL/USDT ChartSource-Tradingview

Solana (SOL) price formed a falling wedge pattern in the first quarter of 2022, resulting in a 35% fall and reaching the $78 mark. However, the buyers overtook trend control resulting in a bullish breakout of the falling wedge. 

The breakout rally reached the $136 mark accounting for inflation of 62% within a fortnight and breaking above the 100 and 50-day EMA. But the bullish failure to reach the $150 mark brought higher price rejection candles into existence, resulting in a bearish reversal.

The reversal rally broke multiple support levels retesting the psychological barrier at $100, which unleashed the trapped momentum with a double bottom breakout. 

However, the recent daily candle reflects a significant selling observed at $108, resulting in a solid bearish candle.

Hence, closing below the psychological mark of $100 will reinstate a bearish trend and induce a fall to $88.

In an otherwise bullish scenario, closing above $108 will ensure a price jump to $122. 

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Technical indicator

The downsloping 100-SMA has flattened, suggesting a sideways rally in AAVE price. In addition, the 50-and-100 SMA aligned with the $100 support strengthened the bottom support defense. 

The RSI slope barely made it to the bullish territory when the prevailing sell-off dumped it below the neutral line. Moreover, the slope approaches the 14-SMA line, and a follow-up breakdown would accelerate the selling momentum.

  • Resistance level- $108 and $122
  • Support levels- $100 and $88
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.