Solana price forecast suggests that SOL crypto may surge towards the $32 mark if it breaks out of the distribution phase. However, sellers may short SOL crypto and aim for a pullback from the distribution phase. SOL must maintain the accumulation rate of buyers in order to continue the surge towards the upper threshold. Investors in Solana cryptocurrency need to wait until the SOL crypto reaches the upper trendline of the distribution phase and sustains.
Solana price has gained maximum from the $14.16 support zone in June 2023 and surged till the $32.40 mark till July 2023. However, SOL crypto couldn’t sustain at the upper recovery level and slipped from the higher level and was caged inside the distribution phase.
Solana price was at $24.33 and has gained 0.21% of its market capitalization during the day’s trading session. However, trading volume fell by 20.53% intraday, demonstrating sellers’ attempt at a pullback. Volume to market cap ratio was 4.23%.
Will Solana Price Maintain the Uptrend?
The Solana price forecast highlights a noticeable resurgence in momentum, indicating its recovery from the distribution phase as observed on the daily timeframe chart. At the same time, SOL crypto is positioned above the 20, 50, 100, and 200-day daily moving averages. Nonetheless, there is an observable decrease in trading volume, which ideally should see an increase during the current day’s trading session.
For Solana cryptocurrency to break free from the distribution phase and achieve a recovery level of $32, it must attract potential buyers. Notably, the SOL crypto price has experienced a 5.32% increase over the course of a week and a more substantial growth of 14.42% within a month.
Impressively, Solana cryptocurrency has witnessed a surge of 20.71% over the past three months and an even higher rise of 21.13% in the last six months. This year, Solana price has demonstrated an impressive recovery, having surged approximately 144.58%, further affirming the substantial progress the cryptocurrency has made in its recovery journey throughout 2023.
Technical indicators suggest the recovery phase of SOL cryptocurrency. Relative strength index showcases consolidation of SOL crypto at current level. Moving average convergence divergence shows the upside trend of SOL price.
RSI was at 56 and is flat above neutrality. The MACD line moving towards the signal line for a positive crossover. Investors in Solana cryptocurrency need to wait until the Solana price breaks out of the distribution phase.
Summary
The projected outlook for Solana’s price indicates the potential for SOL cryptocurrency to make a significant move towards the $32 threshold, contingent on its breakout from the ongoing distribution phase. Notably, Solana’s price displayed its strongest rebound starting from the support zone at $14.16 in June 2023, surging impressively to reach $32.40 by July 2023. However, it’s worth noting that the trading volume has experienced a decline, which ideally should be countered with an uptick during the present day’s trading session. Moreover, technical indicators are pointing towards a phase of recovery for the SOL cryptocurrency.
Technical Levels
Support Levels: $4.65 and $4.50
Resistance Levels: $5.02 and $5.75
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.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/10/solana-price-forecast-when-will-sol-crypto-reach-32-mark/