Solana Price Prediction: The Potential for Higher Growth
Solana has become a prominent player in the cryptocurrency market, attracting attention for various reasons. From the frenzy around meme coins to recent network issues, Solana’s native token, SOL, has seen a significant surge in value. This has led investors to wonder about the potential opportunities for growth in this asset.
Resuming the Recovery Trend
In late January, Solana’s price started to recover from a low of $79. Since then, the altcoin has experienced a 37% increase and is currently trading at $108.5. Alongside this price rally, Solana’s Total Value Locked (TVL) has also reached a milestone of $1.85 billion. This growth in TVL indicates a growing trust and interest in the Solana ecosystem, which could lead to increased adoption and investment.
Bullish Reversal Pattern
Examining the daily chart, we can see an inverted head and shoulder pattern forming. This bullish reversal pattern often signals a market bottom and suggests that investors are accumulating assets for a potential recovery. On February 9th, Solana broke out from the pattern’s neckline resistance at $105, indicating further upward momentum.
If Solana manages to sustain above its current support level, there is a possibility of a 24.5% increase to reach $134.
Technical Indicators
- Bollinger Band: The upper boundary of the Bollinger band indicator suggests an aggressive recovery momentum.
- Average Directional Index: The rising ADX slope at 13% indicates that buyers have sufficient momentum for a prolonged recovery.
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