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- Solana Price prediction is suggesting a rise, and might see forward range expansion.
- SOL price formed a strong base near $16.00 to $20.00.
- Solana price is trying to sustain the price above the 50 day EMA.
Solana price prediction favors the bulls and suggests an uptrend to continue in the coming months. Solana Price has shown a sharp bounce from its recent low at $16.00 and efforts to sustain the price above $20.00 indicates the strength of bulls.
SOL price has recovered about 30% from the low swing and tried to cover up the previous losses. However, SOL crypto price seems to be lacking momentum near the 50 day EMA and entered into the narrow range consolidation.
Solana price trading at $20.90 with an intraday rise of 2.20% and 24 hour volume to market cap ratio is at 0.0455. The SOL/BTC pair is trading at 0.0007574 with an intraday rise of 0.97%, which shows minor correlation between the direction of both the pairs.
In mid-January, SOL price broke out of the $20 hurdle and held the 50 day EMA, which turned the short term trend in the direction of bulls. Later, prices rallied 40% and in a short span of time. During the rally minor profit booking was also visible but bulls continued to rise and hit a high at $27.12.
Will Solana Price Break the Higher Range?
Solana price tried to break out of the previous high to show strength of the buyers but was unsuccessful. The 200 day EMA has also turned out to be a strong hurdle and prices reverted in a downward direction. The global market sentiment also turned bearish, which negatively impacted the SOL price, and prices slipped below the 50 day EMA.
In mid-March, SOL price formed a bullish hammer candle pattern near the support level at $16.00 and gave a decent bounce. Technical analysis suggests that if Solana crypto price holds the 50 day EMA, the probability of upward range will substantially increase.
SOL Price Formed a Long Term Base
SOL price seems to be forming a long term base near $16.00 to $20.000. A minor sell off will have a high possibility of bouncing back from the lower levels. Solana price might reach $30.00 in the next phase of rally if bulls succeed to push the price above both the EMAs. It is expected to consolidate in the narrow range with a bullish bias. Technical indicators like MACD curve reversing upward indicate mild bullishness. The RSI at 49 sloping sideways denotes prices are near to neutral territory and equal level of tug of war between buyers and sellers.
Conclusion
Solana price prediction favors the bulls and suggests an uptrend to continue in the coming months. However, the SOL price will gain momentum only when bulls sustain the price above the 50 day EMA. Till then, it is expected to consolidate in the range mentioned above.
Technical levels
Resistance levels : $27.00 and $32.00
Support levels : $16.00 and $10.00
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
