Crypto News

Solana Price Prediction – Is SOL Prepping for another BOOM?


The recent Bitcoin spike made some altcoins soar in prices. Solana was one of those altcoins, gaining more than 25% in the past week alone. Now that SOL is near its all-time high price of USD 216, many traders think that SOL will adjust lower For them, this ATH zone is a strong sell area. Will Solana’s price fall in the coming week or will it manage to break its previous ATH and reach a new high? In this Solana price prediction article, we’re going to look closer at whether the technical outlook of SOL would allow another bullrun.

solana price prediction

Solana Price is back to its ATH!

Back on the 9th of September 2021, SOL hit a record price of USD 216. On the other hand, this was immediately met with profit-taking which led its price to retreat back to a price of USD 116. In figure 1, we can clearly see that this price decrease coincides with the 50% Fibonacci retracement level. This 42% drop happened within 12 days but started to recover soon after. Today, prices are back at USD 200, and are eyeing their ATH.

SOL/USD 1-day chart showing SOL's price adjustment
Fig.1 SOL/USD 1-day chart showing SOL’s price adjustment – TradingView

Solana Price Prediction – Can SOL break its ATH and reach higher?

For SOL to be able to confirm another bullrun, prices need to break the previous ATH and consolidate above it. If prices manage to do that, the Fibonacci extension projects a new high of USD 280 or an increase of almost 40%. On the other hand, failing to break the ATH would mean another slight adjustment towards USD 175.

SOL/USD 4-hours chart showing a potential ATH reach for Solana Price
Fig.2 SOL/USD 4-hours chart showing a potential ATH reach – TradingView

The Crypto Market at a Glance

In the past 24 hours, the cryptocurrency market at an aggregate level showed a consolidation. The top cryptos CRV and NEXO gained respectively 14% and 9% while the bottom cryptos SOL and AVAX barely lost 3% each. This means that most cryptos are barely adjusting for the day.

1- Bitcoin (BTC) : + 0.12 %

2- Ether (ETH) : + 3.34 %

3- Binance Coin (BNB): + 0.57 %

4- Cardano (ADA) : + 0.78 % 

5- Tether (USDT) : 0 %

6- Solana (SOL) : – 3.56 % (surpassing XRP) 

7- Ripple (XRP) : + 0.10 %

8- Polkadot (DOT): – 0.38 %

9- Dogecoin (DOGE) : + 3.09 % (surpassing USD Coin) 

10- USD Coin (USDC) : + 0 %

Stay Ahead, Stay Updated
Rudy Fares


You might also like





Source link