Solana's Future Outlook: Can SOL Overcome the Market Retreat and Surge Past $100?

Solana’s Future Outlook: Can SOL Overcome the Market Retreat and Surge Past $100?

Solana Price Prediction: SOL’s Journey Towards $100

Following the broader market trend, Solana (SOL) is poised for a significant surge, fueled by strong bullish momentum. The October rally ignited a bullish frenzy, breaking a long-term resistance and propelling the price from $21 to the $70 mark within two months. With a 235% jump in that timeframe, SOL now eyes the $100 psychological resistance. Will the bulls overpower this barrier and extend the uptrend, or will a reversal arise?

Can Buyers Propel SOL To $100?

The SOL price trend shows a short pullback in action as the sellers step in at the overhead resistance at $77.77. The pullback phase comes as a retest of the $70 breakout to refuel the prevailing uptrend. The intraday trading volume in Solana is $2.1 Billion, indicating a 31% loss.

Riding the Bullish Wave

Riding a wave of bullish momentum, the Solana (SOL) price has skyrocketed over the past two months, experiencing a dramatic turnaround. The meme coin, predominantly displaying bullish candles, has finally breached the $75 mark in a remarkable eight-week climb.

Starting the month at $59.31, the SOL price experienced a sharp boost as the overall market bounced back. This altcoin approaches the overhead resistance zone, leading to a 21.15% jump and reaching a 52-week high of $77.77.

Currently, the SOL price trades at $71.73 and forms a bearish candle of 0.83% fall following the 3.62% drop last night. Teasing a deeper pullback, the retest gains momentum and warns of a drop under the $66 mark if the sellers get serious.

Pullback Threats Minor Crash For Solana

The Solana (SOL) recovery faces a new resistance above the psychological level at $75, resulting in a higher price rejection and teasing a trend reversal. However, the trend-based Fibonacci retracement labels the ongoing pullback as a retest. Further, the buyers are expected to halt the downtrend at $70 and potentially drive the uptrend to $100 before 2023 ends.

  • Bollinger Bands: The uptick in the upper boundary Bollinger Band showcases the buyers are aggressive in nature.
  • Moving Average Convergence Divergence (MACD): The MACD and signal lines give a positive crossover and signal a trend reversal for Solana, increasing the chances of reaching $100.

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