Analyzing Solana’s Future: Potential Impact of Market Correction on $SOL’s Valuation, Is $50 in Sight?

Solana Price Prediction: The Dynamic Support from the Wedge Pattern

The dynamic support from the wedge pattern continues to bolster the SOL price recovery. Is it time to enter this dip?

Current Status of Solana Price Amid Market Correction

Amid the current correction phase in the crypto market, the Solana coin price is experiencing supply pressure around the $80 psychological mark. In the last four days, the coin’s market value dropped by 13.36%, currently trading at $69.2. The falling price hints at a potential breakdown below the lower support trendline of a rising wedge pattern, indicating the SOL price is at risk of further correction.

Is SOL Price Retracement Heading Towards $50?

  • A rising wedge pattern governs the current recovery in Solana price.
  • Today’s daily candle, with a long tail, rejects the possibility of a bullish reversal from the $70 mark.
  • The 24-hour trading volume on the Solana coin is $2.01 Billion, indicating a 40% gain.

The ongoing recovery trend in Solana price can be traced using a steep ascending trendline offering dynamic support to buyers. From the October 13th low of $21.11, the coin rallied 276% to reach a new yearly high of $79.5. Despite the increasing volume activity projecting strength and potential for further growth, the current market turbulence is causing hindrance in SOL price. Additionally, with a focus on the daily time frame chart, this rising price is developing into a rising wedge pattern.

In theory, this pattern often leads to the formation of a local top and triggers a significant correction. As of now, the Solana price trades at the $69.8 mark, and with an intraday loss of 1.4%, it hints at a breakdown below the lower trendline. A daily candle closing below the wedge pattern would accelerate selling, possibly triggering a retracement to the $50 mark.

Solana Saga Phones Fetch Premium Prices on eBay Amid Memecoin Airdrop Frenzy

The recent surge in demand for the Solana Saga phone has led to its remarkable resale value on eBay, fetching prices significantly higher than its original retail cost. This spike in interest can be attributed to the complimentary Bonk memecoin airdrop for phone holders. A recent eBay listing from December 16 shows two brand-new, sealed Solana Saga phones fetching prices as high as $5,000, and another unit was sold for $3,316.

This development could surge the Solana network’s visibility and cause a positive impact on price. Thus, if the SOL price recovery breaks above the upper trendline of the wedge pattern,

Technical Indicators

  • Bollinger Band: The midline Bollinger band indicators continue to provide dynamic support amid occasional pullbacks.
  • Vortex Indicator: A bullish crossover state between VI+ and VI- slopes reflects the bullish trend in active.

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