Solana’s Price Predictions: Will It Skyrocket to $22 or Plummet to $16?

According to CoinMarketCap, Solana is currently priced at $19.20, with a 1.37% increase in the past hour, a 4.31% increase in the past day, and a 13.72% increase over the past seven days. Its market capitalization stands at $7.7 billion, and the 24-hour trading volume is $389.5 million. With a circulating supply of 20.4 million SOL tokens, Solana’s positive performance and growing investor interest make it a noteworthy cryptocurrency in the market. Let’s look at Solana’s upcoming price possibilities in the following article.

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Solana (SOL) Price Analysis

SOL/USDT 1-Hour Techincal Analysis (Source: TradingView)

Indicators’ Readings on Solana (SOL)

Solana has been trading above its 200-day moving average as of press time. It has also been following the current reversal trend like other major cryptocurrencies such as Bitcoin and Ethereum.

Moreover, the relative strength index of Solana now sits at 59.13. A golden cross needs to form in the RSI reading for the buyers to load more Solana into their pockets.

Lastly, the Average True Range of Solana is 0.286, which provides valuable information about the volatility of the cryptocurrency. A higher ATR indicates greater price volatility, while a lower ATR suggests relatively stable price movements.

What is next for Solana (SOL)?

However, the current resistance zone is a major region for Solana. If Solana buyers are able to push the price upwards, we can expect Solana to bounce up to its other resistance level and straight up back to the 4-hour strong high level of $22. 

In another way, a bearish scenario can happen if the bears control the market. If that happens, we can expect the Solana price to dump back to its Support 2 level region at $16.

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