Solana Price Prediction: SOL Could Rise to $110 as It Faces off With a Strong Barrier

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The Solana price rose more than 4% over the past 24 hours to trade at $90.94 at press time as investors scoop up the Ethereum-killer.

The Solana Price Attempting to Break Its Bearish Cycle

4-hour chart for SOL/USDT (Source: TradingView)

The Solana price managed to break out of a bearish channel over the last 48 hours, which led to it overcoming the $90 resistance level as well. As a result, the altcoin is attempting a challenge at a medium-term negative trend line. Should it rise above this level in the next 24 hours, it could then have the foundation needed to continue rising throughout the following few days. If this bullish thesis materializes, the Solana price may flip the resistance level at $100 back into support before potentially rising to as high as $110 in the short term.

However, a break below the $90 mark in the next 24 hours could delay the bullish thesis from becoming a reality. In this alternative, the Solana price may correct down to $82.35 before potentially entering into the next leg up. A break below this support level may invalidate the bullish thesis completely. This could then put the crypto at risk of dropping down to $70.

Bulls Have Started Resting a Bit

The 4-hour chart’s technical indicators for SOL suggest a decline in buying momentum. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) both hint at a potential minor pullback in the Solana price.

A negative slope in the MACD Histogram may suggest a slowdown in the current bullish trend. Furthermore, the RSI line is trending downward towards oversold levels, typically indicating a reduction in buyer strength relative to sellers. Traders and investors will want to keep an eye on the RSI line, which is on the verge of crossing below its Simple Moving Average (SMA) line. These two lines intersecting will result in a major bearish technical flag being triggered, which may signal that sellers have gained the upper hand against buyers.

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Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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