Sign Up on MEXCSolana Price Prediction: SOL Price May See a 30% Upswing if these Conditions are Met
SOL Price Prediction: Throughout its five weeks correction period, the Solana price has remained strictly within two falling converging trendlines revealing the formation of a wedge pattern. While the crypto market continues to suffer in uncertainty, the SOL price holds onto the chart pattern indicating a genuine setup that could influence the altcoin’s near future trend. Here’s how interested traders could grab enter an opportunity from this pattern.
Key points
- A bullish breakout from the resistance trendline of the wedge pattern will signal signs of a trend reversal
- The 20-day EMA also offers constant resistance to rising SOL price
- The 24-hour trading volume in the Solana coin is $249.5 Million, indicating a 122% gain.
Source-Tradingview
By the press time, Solana(SOL) price trades at $19.88 and obtains suitable support from the lower trendline of the wedge pattern. The long-tail rejection attached to the daily candle indicates the buying pressure rising at the lower trendline projecting the possibility of a bullish reversal.
However, the price reversal may witness immediate resistance from the overhead trendline near $20.3. A breakout from the resistance trendline is a must to trigger to recuperate the bullish momentum and start a fresh recovery cycle.
Also Read: Top 10 Ways To Earn Passive Income From Crypto In 2023
A post-breakout rally could drive the prices to a significant chart level of $21.2, $24.8, and $26, registering a potential gain of 30%.
Thus, the current correction phase in the SOL price will continue until this pattern is intact.
Technical Indicator
Moving Average Convergence Divergence: The downsloping MACD(blue) and the signal(orange) the selling momentum is still aggressive.
Exponential Moving Average: The daily EMAs(20, 50, and 100) accumulated near the $21.2 level creates a strong resistance level.
Solana Coin Price Intraday Level
- Spot price: $19.87
- Trend: Bullish
- Volatility: High
- Resistance levels: $21.2 and $23.8
- Support levels: $19.7 and $16
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