Published 2 hours ago
SOL Price Prediction: Throughout its five weeks correction period, the Solana price has remained strictly within two falling converging trendlines revealing the formation of a wedge pattern. While the crypto market continues to suffer in uncertainty, the SOL price holds onto the chart pattern indicating a genuine setup that could influence the altcoin’s near future trend. Here’s how interested traders could grab enter an opportunity from this pattern.
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Key points
- A bullish breakout from the resistance trendline of the wedge pattern will signal signs of a trend reversal
- The 20-day EMA also offers constant resistance to rising SOL price
- The 24-hour trading volume in the Solana coin is $249.5 Million, indicating a 122% gain.
Source-Tradingview
By the press time, Solana(SOL) price trades at $19.88 and obtains suitable support from the lower trendline of the wedge pattern. The long-tail rejection attached to the daily candle indicates the buying pressure rising at the lower trendline projecting the possibility of a bullish reversal.
However, the price reversal may witness immediate resistance from the overhead trendline near $20.3. A breakout from the resistance trendline is a must to trigger to recuperate the bullish momentum and start a fresh recovery cycle.
Also Read: Top 10 Ways To Earn Passive Income From Crypto In 2023
A post-breakout rally could drive the prices to a significant chart level of $21.2, $24.8, and $26, registering a potential gain of 30%.
Thus, the current correction phase in the SOL price will continue until this pattern is intact.
Technical Indicator
Moving Average Convergence Divergence: The downsloping MACD(blue) and the signal(orange) the selling momentum is still aggressive.
Exponential Moving Average: The daily EMAs(20, 50, and 100) accumulated near the $21.2 level creates a strong resistance level.
Solana Coin Price Intraday Level
- Spot price: $19.87
- Trend: Bullish
- Volatility: High
- Resistance levels: $21.2 and $23.8
- Support levels: $19.7 and $16
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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.
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- Source: https://coingape.com/markets/solana-price-prediction-sol-price-see-a-30-upswing-if-conditions-are-met/
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