Solana Price Prediction: SOL Edges Closer to $110 With a Strong 5% Jump, Will Its Bullish Momentum Continue?

Table of Contents

The Solana price jumped more than 5% over the past 24 hours to trade at $103.17 at press time as investors continue to ride the altcoin’s bullish momentum.

The Solana Price Breaks Key Resistance

Daily chart for SOL/USDT (Source: TradingView)

The Solana price managed to break above the key $100 resistance level and now has a clear path to potentially rise to as high as $110 in the next 48 hours. However, investors and traders may want to start taking profit as the altcoin approaches the barrier, given the fact that SOL has been in a multi-day positive sequence for the past week. A drop below $100 may be a good exit point. However, if this bullish momentum continues, the crypto could soon break above the $110 barrier.

If the Solana price falls below the bullish channel that has formed on its charts, it may drop to $90. Continued sell pressure could then lead to SOL falling to as low as $82.35 in the next couple of days. In an extremely bearish scenario, the altcoin may fall to as low as $70 in the short term.

Technical indicators on SOL’s daily chart suggested that the crypto may continue rising in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bullish. The MACD line is breaking away above the MACD Signal line, which may indicate that SOL’s bullish trend is growing stronger. In addition to this, the Relative Strength Index (RSI) is breaking away above its Simple Moving Average (SMA) line. This is generally seen as a sign that buyers are growing stronger against sellers.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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.

View all posts