Solana Price Prediction: Will Solana Price Strike $40 Again?

Solana price prediction suggests a rise in the long term and that the uptrend might continue in the coming months. Solana crypto price recovered approximately 47% from the recent swing low at $16.00 and formed a bullish trend reversal pattern. However, prices are approaching the downward sloping 200 day EMA which might act as a strong hurdle for the bulls.

Solana price is currently trading at $23.21 (at press time) with an intraday rise of 6.18% and 24 hour volume to market cap ratio at 0.1001. The pair of SOL/BTC is trading at $0.0008273 with an intraday rise of 5.95% indicating that both coins are bullish and heading in the upward direction. In mid-January, Solana price broke out from its narrow consolidation zone and climbed above the 50-day EMA which showed signs of short term reversal.

Solana price picked up momentum and started rising upward by forming higher-high candles and rallied nearly 120% in a short period of time. At The end of January, Solana crypto rally halted at $27.00 and minor profit booking was witnessed from the higher levels. Later, Solana price consolidated for a few weeks in the narrow range between $20.00 to $27.00 and tried multiple times to break out of the higher range but got rejected. Therefore, $27.00 will act as an immediate hurdle for the bulls.

Solana Price Might Retest the Pre-FTX-Collapse level

Solana price slipped below the lower range due to a sell-off in the global cryptocurrency market. However, the bulls bounced back with a strong momentum and pushed the prices back into the previous range. Presently, Solana price is sustaining above the 50 day EMA and may again try to break the higher range. Technical analysis suggests that the prices are in a bullish grip but it will gain momentum only above $27.00. Moreover, the probability of reaching the pre-FTX-collapse level will also substantially increase if prices trade above the $27.00 level. On the other hand, if the price faces rejection from the resistance level then the bears might again try to drag prices down to $16.00.

Solana Price May Strike $40 ?

Solana price may strike $40 in the coming months if the overall market sentiment remains bullish. However, the prices might consolidate for some time before attracting the fresh buyers. The MACD had generated a positive crossover indicating that bullishness may continue in the coming days. The RSI at 59 sloping upward showcases the strength of the bulls; more upside is possible.

Conclusion

Solana price prediction suggests a rise in the long term; and the probability of continuing the uptrend remains high. However, the prices will gain positive momentum only above the $27.00 level. Technical analysis suggests that prices are in a bullish grip and if the overall market sentiment remains bullish, then it might strike the $40.00 mark.

Technical levels

Resistance levels : $27.00 and $36.00

Support levels : $16.00 and $8.00

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 crypto assets comes with a risk of financial loss.