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- Solana Price Prediction remains bullish till it sustained above $16.00
- Solana price rejected 200 day EMA and struggles to defend 50 day EMA
- Solana crypto price is forming a double top bearish reversal pattern
Solana price prediction is bullish for the long term and it might reach $40.00 in the next bull run. However, for the short term Solana price may witness minor sell off pressure for the supply levels. Currently, SOL/USDT is trading at $20.82 with an intraday gains of 0.92% and the 24-hour volume to market cap ratio at 0.034
In the month of January, Solana crypto price rallied 139% from the yearly lows and formed a giant bullish candle which indicated that the short term trend has reversed in the direction of bulls.
Later, in February Solana prices failed to give the follow up momentum and got stuck in the consolidation range between $20.00 to $27.00. Few weeks ago, SOL crypto bears tried to drag the prices below the lower range but luckily the 50 day EMA turned out to be strong support and prices bounced back with the positive momentum. On the higher side, a downward sloping 200 day EMA is indicating that the positional trend is still in bear grip and $27.00 will act as an immediate hurdle for the bulls.
Solana price may see positive turnaround?
Solana Price is slowly declining after getting rejected from the 200 day EMA and forming a double top bearish reversal pattern which has created a concern for the short term bullish traders.
However, the prices are near the important support level of $20.00 and if overall market sentiment improves then Solana prices may also see an upside turnaround in coming weeks. On the other hand, if the situation gets worse and Solana brokedown $20.00 then the bears may try to drag the SOL prices toward $16.00 which is the important demand zone for the long term investors.
Interpretation of Solana Price with indicators
Solana crypto technical indicators like MACD have generated a negative crossover and the curve has slipped below the zero line indicating bearishness to continue for some more time. The 50 day EMA is also reversing downside shows that the bears are strengthening their grip to pull the prices further down. The RSI at 41 sloping sideways denotes prices are near to the oversold levels and might see short term bounce back again.
Conclusion
Solana Price prediction remained positive for the long term and it may reach $40.00 in the next bull run of the cryptocurrency market. However, for short term prices might see weakness due to negative sentiment in the overall market. The technical analysis suggests till solana price is above $16.00, short term correction will be easily absorbed by the responsive buyers.
Solana Price – Technical levels
Resistance levels : $27.00 and $32.00
Support levels : $20.00 and $16.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
