Solana Price Prediction: Why Does SOL Look Like It’s About to Break Through the $15 Mark?
The price of Solana recovered from the $12.75 local support on the ongoing bullish trend in the cryptocurrency market. The price increase of 15.3% over the previous two days was driven by this bullish turnaround. Additionally, this price increase resulted in a bullish double-bottom pattern, which raised Solana’s potential for additional gain.
Key points
- The price of Solana is expected to increase by 11% when the double bottom pattern is complete.
- The bullish argument will be disproven if the daily candle closes below $14.4.
- The Solana coin had a 24-hour trading volume of $836 billion, which is a 19% increase.
The Solana coin price reverberated in a defined range that ranged between $15 to giving it a closer look; this consolidation reveals the emergence of a double bottom pattern in reaction to the recent unpredictability in the crypto market.
This bullish reversal pattern is well-known in technical analysis for forming near the market bottom and inspiring a directional rally upon breaking through its neckline resistance. Thus, the Solana price gave a significant breach from the $14.4 neckline barrier with an intraday price increase of 5.7%.
Prices are predicted to revert lower and perhaps test the broken level as support once a daily candle closes above the $14.4 barrier. The newly installed flip support will serve as a springboard for the additional price increase. According to theory, the possible objective for this pattern is located at the same distance as the base support shot from the breakout point from the neckline.
A post-retest rally will thus push the Solana Price 11% higher to $8.57.
On the other hand, since last month, there has been a positive rise at the $15 in-between resistance level. As a result, a daily candle closing below the $14.4 level will weaken the bullish thesis and prolong the consultation that follows.
As a result, traders search for a riskier entry to purchase over the $15 level.
Technical indicator
Relative strength index: A optimistic prognosis is suggested by the RSI indicator, which measures the strength of recent market activity. The indicator slope continues to increase despite the sideways trend, indicating growing bullish momentum, which supports the $15 breakthrough.
EMA’s: The most recent price broke through the 20 DMA slope, giving buyers an advantage.
$14.3 and $15 are the resistance levels.
levels of assistance: $2.75 and $11.3
FAQs – Solana Price Prediction
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Conclusion >> Solana Price Prediction
It is difficult to predict the exact price of Solana in the future. However, given its current market cap and the amount of interest in the project, there is a good chance that it could continue to increase in value over time. Ultimately, the best way to make a decision about investing in Solana is to stay informed regarding the project, research the cryptocurrency market, and make an informed decision based on your own risk tolerance.
Disclaimer
Please bear in mind that the material in this article is not financial or investment advice. The information in this article is strictly the author’s opinion and should not be interpreted as trading or investment advice. We make no assurances about the completeness, trustworthiness, or accuracy of this content. The cryptocurrency market is notorious for its tremendous volatility and irregular moves. Before investing, any investor, trader, or the regular crypto user should perform comprehensive research and get familiar with any local regulations.
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