Solana has been one of those hyped crypto projects since 2020. Its token price SOL soared by more than +11,000%, making it place itself among the top 10 cryptos by market capitalization. However, when SOL reached its ATH price of $260, it crashed alongside the cryptocurrency market, losing more than 60% of its value. Is NOW a good time to buy Solana again? In this Solana price prediction, we analyze the charts and show a potential +30% upside. Stick around till the end of this article!
Is Solana Price up again?
Solana price has formed a falling wedge over the past few weeks and months. This wedge breaks out bullish in most cases and is a trend reversal formation. Since Solana price has already broken the upper trendline, we believe that the price is in the midst of a bullish breakout and is about to rally even more. In the short-term, the price could retest the trendline to confirm the breakout, however, this is unlikely in our view at this time. Instead, we assume a direct increase towards the target area.
Will Solana reach $200 soon?
There is no denying that Solana price should breach its previous psychological price of $200 and reach its ATH of $260. Ont the other hand, good traders should position themselves to current price action. Once the crypto market goes back to its bullish trend, Solana should bounce back stronger. Now for the short-term.
The target of the falling wedge should be around $125, targeting the high of the year 2022. However, this price increase does not necessarily mean that the Solana price will be bullish for the next few months. Instead, we expect Solana price to correct after hitting the $125 target. How long the correction will last and whether it will break below the current low of around $75 remains to be seen. This all depends on the current macro conditions of the cryptocurrency market as a whole. If the crypto market continues to fall lower, we can see Solana prices back down to those levels again. We will soon be addressing these questions in the next Solana price prediction.
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