Solana Price Prediction: Overview
Solana price prediction remains bullish as long as it holds at $18.00, indicating a potential rise in the long run. However, in the short term, SOL price is experiencing a correction, and buyers are attempting to stop the downward trend.
Crucial Support at 50-day and 200-day EMA
Solana price is currently close to the 50-day and 200-day EMA, which is acting as a crucial support level. The positional trend is up, but sellers are gaining strength, and a trend reversal may occur.
SOL Price Breaks $25.00 Hurdle
In mid-July, SOL price broke the $25.00 hurdle with high volume, triggering positive sentiment and raising hopes for new highs.
Price Reversal and Decline
Solana price hit new YTD highs at $32.13, but buyers were unable to sustain the higher levels. An inverted hammer candle formed near $32.00, indicating a potential bearish trend reversal. The price later reverted down, forming lower lows and eroding the gains of the previous month.
Solana Price Analysis: Current Situation
Solana Price is currently trading at $23.11 with an intraday rise of 2.03%. The 24-hour volume to market cap ratio is 3.20%.
Keep Solana Price on Radar
Solana price prediction suggests that a bounce back is possible as the price is near crucial support. However, if the overall crypto market and BTC price drop below $29K, the probability of a bounce in SOL price will decrease.
Keep an eye on Solana crypto as the price is near the demand zone, making sharp upward or downward movements possible. As long as SOL price sustains above $18.00, it is expected to remain in a bullish trend. On the other hand, a drop below $18.00 may raise concerns for investors.
SOL Price Corrected 30%
SOL price has corrected approximately 30% from the recent high and has fallen for three consecutive weeks. This indicates a short-term correction, with buyers struggling to defend the support.
The MACD curve is sloping down, displaying a golden crossover, indicating mild bearishness. The RSI at 48, near the neutral territory, suggests that the correction is over, and a reversal may be imminent.
Conclusion
Solana price prediction remains bullish, and a pullback is possible. Technical analysis indicates that if SOL price holds both EMAs, the probability of reaching $35.00 will remain high.
