Solana Price Prediction Is $SOL Recovery Ready to Surpass $50?

Solana Price Prediction: Defying the current market uncertainty, the Solana coin price sustains its bullish momentum and continues to regain higher ground. The coin price has been rising for four consecutive days, which recorded 30% growth to reach the current trading price of $41. Amid this rally, the coin price has breached the resistance trendline of a long-coming channel pattern, indicating that the buyers are preparing for even a robust uptrend.

Also Read: Solana Price Rally To $40 Imminent As AUM Inflows Hit $24M, Second Only To Bitcoin

Is SOL Price Heading to $50?

• The rising channel pattern leads the ongoing uptrend in SOL price
• A potential breakout from the overhead trendline will accelerate the bullish momentum
• The 24-hour trading volume on the Solana coin is $1.6 Million, indicating a 28% gain.

Source-Tradingview

Over the past seven weeks, the Solana price has witnessed a remarkable rally of 134%, leaping from $17.4 to its present value of $41. The coin price not only broke out decisively from the resistance trendline of a channel pattern on October 31, but it also projects that buyers are keen on fueling a more robust rally. 

This bullish momentum is likely bolstered by two key factors: the recent launch of the ‘Gameshift’ Beta by Solana Labs, aimed at simplifying the development of blockchain games, and a wave of short liquidations since last week as indicated by Coinglass data. 

Moreover, with an intraday gain of 6.5%, the SOL price has shattered a multi-month resistance at $1.89, offering traders a promising follow-up to the channel pattern breakout. Based on this pattern’s dynamics, this altcoin appears set for another 32% growth, targeting the $1.54 level.

Is Current Recovery Sustainable?

While the prevailing sentiment for the Solana coin is overwhelmingly bullish, a minor pullback to gather momentum should not be ruled out. Such a retracement would likely retest the newly breached trendline, serving as a gauge for the asset’s ability to sustain higher price levels. If the coin successfully maintains this support, its recovery trend could well continue toward the aforementioned targets.

• Directional Movement Index: The widening spread between the DI+ and DI- lines in a bullish crossover state underscores the aggressive buying activity
• Exponential Moving Averages: The rising 20 EMA curve may act as a strong pullback support.