Solana Price Prediction As Buyers Set to Strike 700-Day Barrier, Time to Sell or Hold? 

Solana Price Prediction: The waning bullish momentum in the bitcoin price triggered a sudden supply pressure in the altcoin market, including Solana. On February 15th, the SOL price turned down from $118.5 and plunged to $105, registering an 11.3% loss within three days. However, this pullback supported by decreasing volume indicates weak conviction from sellers and the possibility of a temporary pullback. Should you buy the current dip?

Also Read: Solana Price Prediction As Surprise Rally Breaks $116 Level, Is SOL Reclaiming $130 Next?

Sustainable Recovery Sets Solana Price Leap to $125

The Solana coin sparked a new recovery in late January when the price successfully rebounded from $79 support. The positive turnaround has indicated the buyers are accumulating this asset at a discounted, a key sign of an established uptrend, and also uplifted the coin by 43% to currently trade at $113.

This recovery backed by an occasional pullback and increasing volume reflects sustainable growth and the buyers’ potential to prolong the prevailing uptrend. Moreover, Solana’s recent partnership with Filecoin marks a pivotal shift towards decentralized storage solutions, significantly boosting the blockchain’s reliability and scalability. This collaboration enables Solana to leverage Filecoin’s decentralized storage network, ensuring data redundancy, scalability, and enhanced security for its users. 

The integration facilitates better accessibility and utility of Solana’s block history for infrastructure providers, explorers, indexers, and anyone requiring historical blockchain data access. This strategic move underscores the growing synergy between blockchain networks, illustrating a collective effort to forge more robust and resilient digital ecosystems for users and developers alike.

Solana’s integration with #Filecoin is a significant move away from centralized storage solutions and a remarkable step towards enhancing the reliability and scalability of the Solana blockchain.@solana is utilizing Filecoin to make its block history more accessible and usable… pic.twitter.com/1NcuaLNYT5

— Filecoin (@Filecoin) February 16, 2024

With sustained buying, the Solana price will surge 10% to hit the $124.5 neckline resistance of the cup and handle. This will be a pivotal point for Solana as a potential breakout will signal the asset’s escape from nearly 2-years long accumulation. 

The post-breakout rally will likely set the price for a rally to $250.65.

Also Read: Top Analyst Expects 40% Bitcoin Price Correction Before Rally To $150K, Here’s Why.

Technical Indicator

• Bollinger Band: The midline of the Bollinger Band indicator provides dynamic support to the current recovery trend.
• Relative Strength Index: The daily RSI slope above 60% reflects bullish momentum in favor of extended recovery.

Related Articles: Crypto Market Analysis For February 18th: BTC Hints Local Top At $52K, ADA and GRT Jump +5%

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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.