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Solana crypto price climbed higher after getting buyers back from the recent support zone and the lower boundary of the channel. - 2
The SOL/USD pair seems to be correcting, forming a declining parallel channel pattern.
Solana crypto price regained traction and advanced after rebounding from the previous breakout zone. The crypto registered minuscule gains and managed to add nearly 10% in the last couple of days. However, the price is still busy recovering the earlier losses and trades in the bearish territory.
The daily chart showcases the price hovering in a declining parallel channel pattern and respecting the upper and lower boundaries as support and resistance levels. The price has been correcting for the past 1 month and has reached the previous breakout zone towards the end of correction.
At press time, SOL crypto was at $92.07 with a rise of nearly 3.88% recorded in the past 24 hours. It has a live market cap of $39.879 Billion and ranks 5th in the crypto market. It has an average daily volume of 2.055 Billion with a rise of 32.15% as compared to the last day.
Solana Crypto Price Technical Analysis
Moreover, the Solana crypto price marked a strong outlook for the past three months and added over 400% to its market cap. SOL price maintained above the 20-Day EMA around 98% of the said period, indicating strong momentum.
The SOL crypto price traversed from a low price of $23 in October 2023 to a high of $122 in the last week of December 2023, giving back a significant return to their investors.
Currently, the crypto price is correcting, forming a declining parallel channel pattern. Now, the price is intended to maintain a correction phase until it hovers between the upper and lower boundaries of the correction phase.
The breakout above the parallel channel pattern may initiate a short term rally and the price may again reclaim the upper swing highs. On the upside, the recent resistance is at $100, the breakout of which may resume the formation of a bullish trajectory.
The technical indicators are showing a bearish bias in the short term with a mixed outlook for the upcoming sessions.
Solana Price Prediction January 2024
As per the most optimistic view of our analysts, the SOL price could reach a high of $101.12 by the end of the month. The bearish view of the analysts hopes for SOL crypto to retrace the recent support, which is at $77.32.
Solana Price Prediction 2024
The price prediction for 2024 shows that the Solana crypto may rise to a high of $147.52 by the end of 2024 if a positive trend prevails. However, the less optimistic analysts estimate a price target of $118.2 by the end of 2024.
Solana Price Prediction 2025
As per the most positive view of our analysts, the SOL price may attain $191.87 by 2025, suggesting an upside potential of 109.52%. On the other hand, the most pessimistic view of the analysts expects the price to reach $153.91 by the end of 2025.
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.
Source: https://www.thecoinrepublic.com/2024/01/27/solana-finds-support-after-correction-is-sol-set-for-a-recovery/