Solana Price Prediction: SOL Reverses and Surges 25%
The Solana price correction took a positive turn from the $80 level, resulting in a 25% surge to trade at $98.48. Additionally, Jupiter’s token airdrop worth $700 million increased activity on the Solana blockchain.
Bullish Reversal Pattern Sets SOL for Prolonged Recovery
- The SOL price is approaching a breakout from the inverted head and shoulders pattern’s neckline resistance.
- Jupiter’s airdrop attracted more users to the Solana platform, leading to increased transactions.
- The 24-hour trading volume for Solana is $1.69 billion, indicating a 37% loss.
Solana is currently trading at $97 with a 2.6% decline for the day. However, the formation of an inverted head and shoulders pattern suggests positive price outlook and asset accumulation trends.
In January, the Solana network saw significant growth in new addresses and active engagement within its ecosystem.
The increased activity on DEXs and interest in meme coins contributed to heightened engagement in January.
SOL is well-positioned for growth, with potential for a breakout at $107, leading to a surge of 26% to reach $135.
Technical Indicator
- Bollinger Band: The flat boundary indicates a sideways trend in the short term.
- Relative Strength Index: The daily RSI slope above 50% reflects positive sentiment for SOL.
Hot Take: Solana’s Reversal Signals a Promising Future
The recent reversal and surge in Solana’s price, along with the increased activity on its blockchain, indicate a promising future for SOL. With the potential breakout from the bullish reversal pattern and positive technical indicators, SOL has the potential to reach $135 and beyond.
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