Solana Price Forecast: Fresh Gains Ahead
The price of Solana, often referred to as the ‘Ethereum killer,’ is looking to make new gains after encountering resistance at $65 and experiencing a brief correction to $60. To keep the competitive smart contracts token strong, it is crucial for the support at $60 to hold. However, if it fails to do so, investors may start adjusting to a sub $50 SOL.
Solana Price Forecast: Bullish Euphoria Could Push SOL to $100
Despite the recent rally from $20 in October and $8 following the FTX crash in November 2022, many believe that buying Solana at $60 is still a great opportunity. If the price declines into the $50 range, it could be a chance to buy the dip before the next breakout targeting $100. During the previous bull run, Solana reached as high as $260 before facing setbacks due to market conditions and internal factors.
Technical Analysis and Support Levels
Solana’s price currently sits above the support provided by the 50 Exponential Moving Average (EMA) at $60.57. The 21 EMA caps upward price action at $61.37. The Moving Average Convergence Divergence (MACD) indicator suggests a potential bearish trap or consolidation before the next upward move. Traders should monitor the MACD for a bullish crossover, which would indicate a trend reversal.
Two ascending trendlines on the chart could provide support for Solana. The first trendline could lead to an immediate shift from bearish to bullish and push the price towards $100. If bearish pressure persists, the lower trendline at $58 would act as support. Other key levels to watch are $54 and $52.
FTX Cold Wallet Transfers Shake Solana Price
Solana’s uptrend faltered after transactions linked to FTX’s cold wallet raised concerns. One transaction involved the unstaking of 1.5 million SOL, worth around $90 million, while another transfer of 4.13 million SOL worth approximately $248 million was made to Coinbase. FTX has been liquidating its crypto holdings, including Solana, to repay creditors. If Solana remains resilient amid these liquidations, it could quickly close the gap towards $100 as FOMO (fear of missing out) sets in.
Hot Take: Solana Primed for Fresh Gains
The price of Solana is poised for fresh gains after a brief correction and resistance at $65. With support at $60 and the potential for a bullish trend reversal, SOL could target $100 in the near future. However, investors should closely monitor technical indicators like the MACD and support levels to make informed trading decisions.
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