Though it isn’t new, Solana’s popularity and traction have only grown recently. Investor interest in the project has increased dramatically due to its meteoric climb, which has also helped them learn about its exceptional functionality and usability. The sheer number of people riding the Solana Foundation hype has left many wondering if the coin is a good long-term investment or if they should sell any coins they have already bought before the price dips further.
Following the general trend in the cryptocurrency market, Solana’s (SOL) price dropped 7.5% during the past day. Rekt Capital, a well-known analyst, asserts there is no cause to become bearish.
The cryptocurrency researcher recently noted in a technical analysis that Solana’s current consolidation pattern suggests it might see an 80% price surge. Rekt Capital claims that according to the weekly SOL/USD chart from Binance, Solana is trading inside what looks to be a bull flag formation.
Regarding target prices, the chart indicates a possible 80.57% rise from the bottom of the bull flag, also known as a “pole flag.” Should the bull flag pattern be validated in the upcoming days or weeks, this may equate to a goal price of almost $330.
Solana Synopsis
- According to our real-time SOL to USD price update, Solana’s current price is USD 179.8.
- According to our most current estimate, Solana’s value will rise by 12.53% to $201.59 by April 9, 2024.
- According to our technical indicators, the market’s stance on Solana is Neutral Bullish, with a 78 score on the Fear & Greed Index.
- Over the past 30 days, Solana has experienced 9.30% price volatility and 18/30 (60%) green days.
2024 Solana Price Forecast
Based on a technical analysis of projected pricing for Solana in 2024, the lowest price point will be $$-16.45. The price of SOL can only go as high as $41.53.
Price Prediction for SOL in April 2024
Experts in cryptocurrency forecast that the average Solana price in April 2024 will be $335.76, based on changes in the cryptocurrency’s value at the start of 2023. Its anticipated lowest and highest values are $179.36 and $492.16, respectively.
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Solana Price Forecast for May 2024
Experts in cryptocurrencies are prepared to share their predictions regarding the price of SOL in May 2024. This month, the lowest possible trading cost might be $135.52, and the highest could be $70.22.
Forecast for SOL Prices in June 2024
Based on their analysis of Solana’s price movements in 2023 and past years, cryptocurrency researchers estimate that the average SOL rate in June 2024 will be approximately $150.88. It may fall as low as $141.48. A possible maximum value is $160.27.
2025 Solana Price Forecast
Based on a review of Solana prices from prior years, it is projected that the lowest price of Solana will be approximately $337.98 in 2025. In 2025, the average trade price might be $349.67.
Solana Bears Gain the Advantage in The Shorter Time Frames
The Solana price showed signs of short-term consolidation or downward movement in the lower time frames, such as the 2-hour chart, where it lost part of its momentum. A notable upward trendline (black) that had supported SOL along an ascending trajectory was broken by the abrupt -13% drop.
Plotted from the swing low at $162.68 to the swing high at $204.19, the Fibonacci retracement levels have been cut through by the price, which is currently circling the 0.618 Fib level at $178.54. Although a sustained break below this level could hasten losses toward the following levels at 0.786 ($171.56) and possibly the full retracement at $162.68, this level usually acts as a solid support zone.
Volume indicators confirm the current negative momentum by indicating a significant increase in selling pressure during the price decline. Furthermore, the Relative Strength Index (RSI) has dropped to 29, perilously near the oversold region. This not only suggests that sellers are in control but also raises the possibility of a relief bounce if the RSI continues to move into oversold territory and triggers a buying frenzy.
Disclaimer: We are obsessed with cryptocurrency and love to write articles to express our thoughts. This article is for informational purposes and contains the writer’s personal opinion. Don’t consider it financial advice from the author or the CoinzBTC team. Do your research and think twice before making any investment decisions. CoinzBTC does not take responsibility for any financial losses.
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