Solana price prediction summary
- Solana is now past the two major resistance lines
- The main target of the triangle lies at $226, 10-points above the current all-time high.
- Solana’s trading volume has gone up by 277 percent since yesterday.
Solana is now past the two major resistance lines that have been posing a strong barrier between the price action and the new all-time high. As of this writing, the coin has already tested a daily high of $189; and completed the tip of an ascending triangle.
The main target of the triangle lies at $226, 10-points above the current all-time high. The coin has one more barrier to beat and that is selling pressure that the bulls will encounter around the psychological support at $200.
24-hour Solana price prediction chart
The 24-hour chart we used in this Solana price prediction is indicating the 5th rapid bullish wave of Solana’s 5-wave rally. The coin has already gone up by 17 percent in the last 24-hours and the market is bracing up for a 100 percent ascent to $275.In fact, Solana has a 2.09 percent market dominance during press time. Alongside a trading volume that has gone up by 277 percent, we can rest assured that the interest around SOL is gaining traction.
Divergence on the Bollinger bands is also a suggestion of rising volatility on the weekly chart. The bands indicate the price extension will continue in the near term. Volatility is surging on the hourly charts while the price continues to trade past the bands.
Other bullish indicators include the MACD on the hourly chart which shows long green bars and a positive cross-over. Additionally, the balance of power indicator shows buyers are prevailing after the indicator breached the zero level. Nonetheless, the RSI is trading within the neutral position and shows little chance of testing overbought conditions.
The past two days have seen Solana regain its lost glory after a hiatus away from topping the bullish charts. SOL/USD recorded a steep rally yesterday and crossed the $177, today the bulls geared even more momentum and tested the $189 level.
However, traders should take note of heightening selling pressure attributed to take-profit traders happening near the $190 level. Hence, the reason why you should remain cautious and open medium or long-term positions.
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