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- 1 Solana price prediction showcases the upside trend of SOL crypto.
- 2 SOL crypto has recovered above 20, 50, 100 and 200-days daily moving averages.
- 3 The pair of SOL/BTC was at 0.000879 BTC with an intraday gain of 3.30%.
Solana price prediction showcases the upward velocity of SOL crypto to surge towards the $40 mark over the charts. However, SOL crypto is trying to sustain near the $26.80 resistance level over the daily time frame chart. Buyers need to come forward to push Solana price upwards to register its breakout. Nevertheless, Solana managed to register its breakout on July 14th but couldn’t sustain and slipped below the neckline. Meanwhile, SOL crypto may surge if buyers get involved in the trade during the intraday trading session.
Solana price was at $26.43 and has gained 3.48% of its market capitalization during the day’s trading session. However, trading volume has decreased by 36.78% during the intraday trading session. This demonstrates that sellers are still present in the trade to pull SOL crypto downwards. Volume to market cap ratio was at 0.0581.
Will Solana Price Sustain or Get Detained?
Solana price prediction indicates the recovery phase of SOL crypto near the resistance level of $26.80 over the daily time frame chart. However, SOL crypto is struggling to register its breakout from the resistance level. Looks like the sellers are still present in the trade and are pulling SOL crypto downwards. It may be tough for the Solana price to recover and reach the $40 recovery level for now, according to analysts.
Meanwhile, SOL crypto has recovered above 20, 50, 100 and 200-days daily moving averages. However, trading volume is below average and needs to grow for Solana price to surge towards the upper level.
Moreover, Solana price has gained around 19.85% in a week and 71.42% in a month. Also SOL crypto has surged 16.62% in the last three months and 23.66% in the last six months. In addition, Solana cryptocurrency has performed excellently well from the start of 2023 with a total of 165.56% gains year to date.
Technical indicators suggest that Solana crypto is overbought at the moment. Relative strength index showcases the upside trend of SOL crypto. RSI was at 70 and has entered the overbought territory.
MACD exhibits the sustainability issues of Solana crypto price. The MACD line is above the signal line after a positive crossover. Investors in Solana cryptocurrency need to wait until the SOL crypto sustains at the primary resistance level of $26.80 to surge towards the $40 mark.
Summary
The Solana price prediction shows the cryptocurrency’s increasing momentum as it climbs the charts towards the $40 level. It appears that sellers are still active in the market and are pushing SOL cryptocurrency lower. But for the price of Solana to soar to the upper level, trading volume, which is now below average, needs to increase. Additionally, SOL cryptocurrency has increased 23.66% over the past six months and 16.62% over the past three. Technical indicators imply that the Solana cryptocurrency is currently overbought.
Technical Levels
Support Levels: $25.00 and $21.55
Resistance Levels: $26.80 and $30.00
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 or stock 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.
