The Solana (SOL) price is seeing fantastic development at the moment, while most other altcoins are suffering to recover. Can this upward trend be held up?
In our last Solana Price Forecast on the 26th of August we wrote:
„Solana (SOL) could have a strong bounce upwards around $3.1 or $2.43.„
Solana Pumps By Over 40 % – Here’s Why…
Solana Price Forecast – 16x ROI since ICO!
The Solana price’s performance against Bitcoin has surpassed the 10x mark since its ICO. When looking at the performance against the USD, the performance is even more impressive at over 16x. Early investors can count themselves lucky here.
Solana recently still occupied rank 166 on coinmarketcap, due to its tiny market cap of $31 million. Now, Solana finds itself on rank 89 with a market cap of $121 million. At its all time high Solana’s market capitalization reached $148 million and a price of $4.56.
But what is Solana working on anyway?
According to Solana’s website, they claim to have solved the blockchain trilemma, without the need for sharding technology!
Moreover, Solana enjoys the backing of big investors.
Although this information might tempt investors, as technical analysts we concentrate purely on the chart action. So let’s take a look!
Bitcoin Price Forecast – Is A Strong Price Increase Around The Corner?
Solana Price Forecast – Solana’s price reached our correction target of ±$2,43 then had a powerful bounce!
SOL fell from $4.56 to ±$2.43 after we forecasted a correction. Our price target of ±$2.43 at the golden ratio was perfectly hit, followed by a powerful bounce off this support level, ending in a 66% price increase!
After the bounce, SOL reached the golden ratio resistance at ±$3,85, which it failed to break.
Nevertheless, the MACD histogram is seeing a bullish development, and the MACD lines might soon have a bullish crossover.
BNB Price Defying The Market, Eying Up $40
Solana Price Forecast – Bounced off both golden ratios!
The Solana price development looks like it’s straight out of a trading course book. And even though many in the market still don’t fully grasp the evidence of Fibonacci’s law, Solana’s price perfectly bounced from one golden ratio support off to the next golden ratio resistance.
It’s also interesting to note the bullish rejection of the death cross, which almost came to exist. But the 50-4H-EMA was able to bounce off the 200-4H-EMA, keeping the golden crossover intact.
This means that the Solana price is still confirmed bullish for the middle-term. But should the Solana price not find support at the 0.382 Fib level at $3.36, it could very well fall back to the golden ratio support at ±$2.43. But should the Solana price break through the golden ratio resistance at ±$3.85, it could soon find itself on the way to the horizontal resistance between $4.5 – $5!
Yearn Finance (YFI) Price Forecast – On Its Way To The Top 5?
Solana Price Forecast – The weekly chart indicates a bounce…
The weekly chart isn’t very informative when it comes to finding out whether or not SOL will be able to break its all time high at $5. Although Solana bounced off the golden ratio support, which is very bullish, it was also rejected at the golden ratio resistance, which is bearish.
So it remains to be seen which golden ratio will be broken first. This will decide whether the SOL price will witness a strong rise or a strong fall.
Ethereum Price Could Be The First to Rebound, Aiming For $400
Solana Price Forecast – The same situation against Bitcoin!
The histogram also had a bullish development against Bitcoin. while the MACD lines are right before a bullish crossover! The Solana price currently seems to be struggling with the golden ratio resistance at ±0.00034 BTC. Solana was able to pull off an 88% increase in its price against Bitcoin, after it found support at the golden ratio at ±0.0002 BTC!
Should the Solana price now fail at the golden ratio resistance at ±0.00034 BTC, it could find support at the 0.382 Fib level at ±0.0002888 BTC. Should it not hold, Solana could be moving back to the golden ratio support at ±0.0002 BTC.
The next significant resistance after the golden ratio resistance at ±0.00034 BTC is found at Solana’s all time high at 0.00042347 BTC.
>>Buy Solana at market price now!<<<
Best Regards and successful trades
Follow CryptoTicker on Twitter and Telegram for daily crypto news and price analyses!
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- Swipe Price Analysis – How Low Will the SXP Price Fall?
- Ethereum Price Forecast – Can The Ethereum Price Rise Now?
- Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
- Ocean Protocol Price Forecast – When Is A Re-Entry Possible?
- Bitcoin Price Forecast – Is Bitcoin Still On Its Way To $13,800 Or Is A Correction Overdue?
- REN Price Forecast – Correction Targets Reached, Over 60% Profit!
- The Crypto Market Is Bleeding! When Does The Bloodbath End?
- Big News: Ripple Price is about to TRIPLE? This News Confirms…
- Chainlink Price Forecast – LINK Falls To Golden Ratio Again, Will It Rise Now?
- Litecoin Price Forecast – How High Can The LTC Price Go?
- Is Bitcoin Entering A Bear Market?
- Ripple Price Prediction – How High will XRP Reach in 2025?
- VERGE XVG Price Analysis- Bullish breakout!
- IOTA Price Forecast – Will Germany’s Favorite Cryptocurrency Rise Now?
- SEC vs. XRP: What Investors Need to Know
- TRON Price Analysis – TRX Gains Over 700% ! How High Is The Limit?
- OMG Price Forecast – Will the OMG Price Rise Again?
- XLM price Analysis – How low will Stellar Lumens fall?
You might also like
More from Solana
Solana Price Prediction for February 2023: THIS Price is very likely!
Why is Solana up? And most importantly, what is a conservative Solana price prediction for February 2023? Let's analyze!
Solana is FLYING HIGH! Solana price up 35% in 7 days, where next?
How high will Solana reach? Is it a good idea to buy Solana now? Let's analyze in this Solana prediction …
Solana SMASHING through 2023, up 40%! Will Solana price go up?
Will Solana price go up in 2023? Should you buy Solana today? Let's analyze in this Solana price prediction 2023. …