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- 1 The Solana (SOL) price chart shows the formation of a bullish pin bar candlestick on the daily chart.
- 2 The daily chart showcases that the SOL price is stuck between the 50 day and 200 day EMAs.
SOL has been trading higher on the second consecutive day and is trying to stretch higher after stabilizing above the 200 day EMA. The price surge may help the crypto recover the recent losses caused after a double top pattern formation near the $200 level.
The daily chart suggests that the SOL crypto loomed sharply after the buyers failed to surpass the $200 level. A double top pattern was observed after which the price dropped breaking below the 50 day Exponential moving average.
Currently, the Solana price is stuck between the 50 day EMA on the higher side and the 200 day EMA on the lower side. The long term trend outlook is bullish until the price is maintained above the 200 day EMA.
However, the short term trend outlook seems to have weakened after the recent fall. Now, the breakout or breakdown on either side of the EMA may indicate a clear trend in the short term.
Solana Crypto: Social Sentiment Data Study
The social dominance and social volume of Solana price reveals the activity performed by the social media users. Social media tools like X (formerly Twitter), Telegram, Instagram are a medium to increase the awareness and news about the SOL crypto.
The above chart reveals that the social volume and social sentiments were comparatively high in December and dropped in January and February. However, a sharp growth in the social volume and social sentiment was observed in March. The social dominance was 2.8% in February which surged to 12.1% by the end of March suggesting a 600% growth. However, the social dominance curve witnessed a drop in April and currently stands at 6%.
The Sentiments Curve Suggests A Slightly Positive Outlook
The weighted sentiment data displays short term bias among the traders and investors. As per the chart, the weighted sentiment was bullish in January and turned negative in February, indicating a short term correction.
Moreover, the overall sentiments turned positive in March and a sharp rally was observed on the charts. Currently, the weighted sentiment curve has fallen back near the mean line indicating a short term correction in the price. The short term trend outlook is neutral to slightly bullish on a combined analysis of sentiment curve and price data.
Solana Price Forecast April 2024
Solana Price Shows Consecutive Gains: Are Buyers Taking Charge? by Ritika_TCR on TradingView.com
The analysts have a wide range of price targets for April 2024. The most optimistic view of analysts assumes the Solana price could advance to a high of $202.05 suggesting a potential gain of over 39.3%. The lower price target which the crypto could attain as per the analysts is $108.7 if it breaks the recent support and 200 day exponential moving average.
Conclusion
Solana price is rising for the second consecutive session hinting at a recovery from recent losses. Recently, the buyers failed to break above the recent swing high and psychological level of $200 triggered a profit booking and slumped below the 50-day EMA.
Currently, the SOL crypto is wedged between the 50-day and 200-day EMAs suggesting a bullish long-term outlook but a shaky short-term trend. Also, Social media buzz, reflected in social volume and dominance, peaked in March, signaling increased interest. The sentiment data is neutral to mildly bullish, suggesting a possible short-term price correction. The Breakout of the EMAs on either side may indicate a clear trend.
Technical levels:
- Support Levels: $122.61 and $108.37
- Resistance Levels: $204.09 and $224.86
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
