Analyst Predicts Solana Could Surpass $1,000 Despite Recent Price Drop
As Solana’s native SOL token experiences a drop to a 45-day low, there are predictions from a crypto analyst that the coin could surpass $1,000 in the future, despite the current bearish trend. The smart contract platform is currently priced at $128, having lost 15% in value over the past week in the larger cryptocurrency market downturn. Technical analysis of Solana’s yearly price chart indicates that the 50-simple moving average is at $149, while the 200 SMA is at $100.9.
Solana Price Analysis
- Solana is trading at $128 after losing 15% over the past week.
- Its 50 SMA is at $149, and the 200 SMA is at $100.9.
- The price is below the 50 SMA but above the 200 SMA.
- The RSI is at 32, indicating oversold territory.
- The MACD line crossed below its signal line, signaling bearish momentum.
The MACD histogram suggests ongoing bearish momentum for Solana as it approaches its support level near the 200 SMA, with another support level at $122. The coin faces resistance at the 50 SMA, $149, and a breakout above this level could lead to a bullish trend continuation.
Solana’s ‘$1,000 Roadmap’
Crypto Patel, a pseudonymous cryptocurrency analyst, shared a chart on social media outlining a long-term price prediction for SOL hitting $1,000. The chart depicts a cup and handle pattern, indicating a potential bullish signal for Solana’s price movement.
- A cup and handle pattern shows a security’s price declining, forming a “u” shape, and experiencing a minor downward trend to create the handle.
- This pattern is often viewed as a positive sign for future price movements.
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