Solana Price Prediction: Bulls Aim for $100
Solana price has resumed its upward momentum, displaying bullishness on the chart. The primary target for buyers is to push SOL price above $100. Despite a brief setback where sellers managed to push the price below the 20-day EMA, the overall trend remains positive, favoring the bulls. The ongoing trend indicates the formation of higher highs, suggesting a bullish trajectory.
SOL price successfully surpassed the crucial $50 hurdle, experiencing a significant surge following a broader crypto market pump. Bulls appear strong and are gearing up for a potential battle to reach $100, where sellers may struggle. According to the Fibonacci retracement zone, SOL price has stayed above the 50% zone and is attempting to sustain above the 61.8% zone, acting as resistance near $70.
The current live price of Solana is $65.87, with an intraday drop of 7.42%, indicating a neutral stance on the charts. Trading volume has increased by 8.33% to $2.40 billion. The SOL/BTC pair stands at 0.00161 BTC, with a market cap of $28.20 billion. Analysts maintain a buy rating and express a positive sentiment for future sessions.
Daily Charts Exhibits
On the daily chart, SOL price remains in a bullish trajectory, reflecting bullishness in recent sessions. The price action demonstrates the dominance of bulls, suggesting that SOL price may soon reach the psychological mark of $100. The golden crossover observed on the chart indicates a strong likelihood that buyers will continue accumulating gains, extending the rise in subsequent sessions.
The RSI curve stays above neutrality near 65, showing a positive divergence and suggesting a favorable outlook on the chart. However, the MACD indicator shows a bearish crossover, with red bars forming on the histogram, indicating a potentially volatile outlook for upcoming sessions.
Weekly Charts Displays Massive Recuperation
On the weekly chart, SOL price has experienced a sharp bounce from the lows of $8, surging over 700% from the beginning of 2023 until December. Buyers are poised to extend the rally, aiming to eventually claim the $100 mark.
Summary
Solana price maintains its position above the neutral region, continuing to extend gains and signaling bullishness on the chart. The price action, marked by higher highs formation, suggests that SOL price is on a sustained upward trajectory within the rising parallel channel.
Technical Levels
- Support Levels: $60 and $57
- Resistance Levels: $70 and $75
