Solana Price Prediction Indicates a medium-term $265 target is possible

Solana Price Prediction Summary

• SOL price remains within the Ichimoku Cloud
• When buyers begin to take control, sellers will search for short-term gains near $160

Although Solana price has been slowly declining, it remains within the Ichimoku Cloud and is now resisting near-term resistance. Sellers have been unable to push Solana any lower. It’s as if Solana is bonded to the top of the Cloud in some way. The closing and daily Senkou Span A are almost never at the same price on any given day. However, the distance between the two is narrowing.

This indicates that there is little room left for Solana to decline in value and/or may indicate a future period of sideways trading with minimal upside (downward). Either way, it’s best to wait until Solana breaks out of this Cloud before buying. (The Ichimoku Cloud is a tool used for measuring momentum, support, and resistance).

Solana price could dash to $265 if a strong breakout above $160 takes place

The move is still technically in a bullish continuation pattern known as the Pole Pattern, although it’s in a less-than-ideal scenario. The entry for the Pole Pattern is located at $160 below the current O-column.

Because the previous X-column broke above the primary uptrend angle, it is critical to establish an entry. The first bearish entry following a pullback is frequently strong and lasts for quite some time.

SOLUSD chart by TradingView

When buyers begin to take control, sellers will search for short-term gains. Bears will want to watch the first buy at $160 and any subsequent weakness. The black trend line on the Point and Figure chart indicates where bears may easily take over and cause a nasty flash crash after snaring so many purchasers in a bull trap.

Despite what many investors may believe, bulls should not be overconfident. The Solana price Point and Figure chart’s price structure might induce a large sell-off if any complacency is detected. Pay particular attention to any closing beneath the $125 mark, since it might exacerbate losses.

Solana Price Prediction Conclusion

Solana has emerged as the top-performing altcoin of the year after its remarkable 14,200 percent rally that saw it swing from $30 to $216.  The current bull trend engulfing the cryptocurrency market has seen the coin consolidate and prepare for an upswing, which analysts believe could propel Solana to $270.