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Examining SOL Technical Structure With $100 Target Beckoning 

12/02/2023
Bitcoin Ethereum News

Solana price prediction: SOL holds above $60 but fails to break resistance at $62. A brief correction expected before the next recovery attempt to $100 begins.

Published 13 hours ago



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Solana price prediction: SOL has continued to attract institutional interest, thus taking back its place as one of the few blue-chip altcoins. According to a weekly report by CoinShares, SOL assets under management crossed the $365 million mark with $12.4 million in additional inflows during the previous week.

Other assets that saw increasing inflows were Bitcoin with $240 million and Ethereum with $49.1 million.

Solana’s position in the market as a fast, scalable, secure, and decentralized network has been the token’s selling point. Its ability to rise from the FTX saga and sell-off to $8 in November last year proves to investors that Solana price could explode and reach all-time highs of $260.

Meanwhile, Solana is trading at $60, up 1% in 24 hours, 5.3% in seven days, 6.4% in a fortnight, and 56% in 30 days, market data by CoinGecko shows.

Solana Price Prediction: SOL Must Break $62 Resistance To Breakout

If the minor ups and downs Solana has experienced in the last few weeks are set aside, the smart contracts token displays a bullish structure, which if sustained could see bulls reclaim key levels while closing the gap to $100.

The confirmation of support at $51 assured traders of the uptrend despite the reality of acute resistance between $60 and $62. SOL managed to break above this zone once this year but the momentum faded at $66 temporarily overshadowing hopes of a breakout above $70.

Support at $60 coupled with a continuing buy signal from the Moving Average Convergence Divergence (MACD) points Solana on an upward trajectory. Therefore, traders should be getting ready to increase exposure to SOL longs as soon as the price climbs above the immediate hurdle of $62.

Solana price prediction
Solana price prediction chart | Tradingview

Caution is advised keeping in mind Solana may be required to sweep lower levels for fresh liquidity to support the next breakout. The 50 Exponential Moving Average (EMA) (red) is in line at $58.41 to absorb the selling pressure.

Depending on the headwinds SOL is facing at $62, the 50 EMA may or may not be able to stop the pullback. For that reason, traders should also keep tabs on the following support at $56, as presented by the 100 EMA (blue).

Crypto.com Exchange Adds Support For SOL/EUR Trading Pair

Crypto.com, one of the leading cryptocurrency exchanges, has announced that it has added support for new trading pairs, SOL/EUR and XRP/EUR.

This support underscores Solana’s growing popularity and demand ahead of the bull run likely to be triggered by the two most anticipated events, starting with the potential approval of Bitcoin spot exchange-traded funds (ETFs) and the halving.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/solana-price-prediction-examining-sol-technical-structure-with-100-target-beckoning/