Solana Price Prediction: SOL Gained 134% Year to Date, Where Now?

• Solana price prediction suggests that the token is trying to remain in the bullish rally over the daily time frame chart.
• Solana price has recovered around 134.24% Year to Date by looking upon the stats analysts believe that Solana might rally during 2023.
• Solana cryptocurrency price has shown around 71.04% growth in its last quarter.

Solana price prediction highlights that, according to analysts from a reputable cryptocurrency firm, the price of Solana could increase in 2023. On the daily time frame chart, SOL cryptocurrency has been consolidating since the 14th of January, nevertheless. Investors in Solana must hold off until the price of the cryptocurrency holds and returns to the higher price range of the consolidation period.

The price of Solana was $23.16 and during the day’s trading session, it lost 3.02% of its market value. Yet, during the intraday trading session, trading volume rose by 53%. This demonstrates that buyers are still present in the trade to reverse the momentum of SOL crypto. Volume to Market capitalization was at 0.1045.

Solana Price: Exclusive Technical Analysis

Solana price prediction highlights the consolidation phase of SOL cryptocurrency inside the horizontal range bound area over the daily time frame chart. SOL crypto has been declining and experiencing selling from the start of Friday’s trading session. Meanwhile, trading volume is still below average and under full influence of sellers. 

Solana price is still above 20, 50 and 100-days Daily Moving Average. However, SOL crypto price might get reversed from 100-days DMA support over the daily time frame chart to reach 200-days Daily Moving Average. 

Technical indicators suggest the downside trend of Solana price. Relative Strength Index showcases the downtrend momentum of SOL crypto. RSI was at 54 and was heading towards neutrality for a breakdown. However, MACD is still bullish over Solana price. The MACD line is climbing towards the signal line for a positive crossover. Investors in Solana need to wait until the token reverts back towards the upper price range of the consolidation phase. 

Summary

Solana price prediction highlights that, according to analysts from a reputable cryptocurrency firm, the price of Solana could increase in 2023. On the daily time frame chart, SOL cryptocurrency has been consolidating since the 14th of January, nevertheless. Yet, during the intraday trading session, trading volume rose by 53%. SOL crypto has been declining and experiencing selling from the start of Friday’s trading session. Technical indicators suggest the downside trend of Solana price.  The MACD line is climbing towards the signal line for a positive crossover. Investors in Solana need to wait until the token reverts back towards the upper price range of the consolidation phase. 

Technical Levels

Resistance Levels: $25.00 and $40.00

Support Levels: $20.00 and $15.00

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 any stock or crypto assets comes with a risk of financial loss.   

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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