As the broader crypto market experiences a dip, Solana (SOL) emerges with a promising outlook. Crypto analysts predict a breakout for Solana, potentially driving its price to over $175, a significant 12% rise from its current value. Despite market challenges, Solana price shows signs of strength and resilience, making it a focal point for investors.
1- Solana Price Analysis
Solana Price Action and Trends
Recently, Solana price has shown a steady increase above the $155 zone, indicating a positive trend. The SOL price is now trading above $158, supported by the 100-hourly simple moving average. A key bullish trend line with support at $159 further strengthens this upward momentum.
The primary resistance levels for Solana are $162.50 and $165. A successful close above these levels could lead to further gains, potentially pushing the price to $172 and then to $180. On the downside, failure to surpass the $162.50 resistance could result in a correction, with initial support at $160 and major support around $158 and $155.
Solana Technical Indicators
- The hourly MACD for SOL/USD is gaining pace in the bullish zone.
- The RSI for SOL/USD remains above the 50 level, indicating continued bullish momentum.
- Major support levels: $158, $155
- Major resistance levels: $162.50, $165
2- Solana Price Prediction: A Potential Breakout
Solana, currently the fifth-largest cryptocurrency by market cap, is poised for a potential breakout according to analysts. This optimistic scenario hinges on Solana price surpassing key resistance levels, specifically the $162-$164 range. If SOL price breaks through this barrier, it could aim for a new high of $175.
At the time of writing, Solana is trading at $160, reflecting a slight 1.56% increase over the past 24 hours, mirroring the optimism amid the general crypto market downturn. Despite this, a "W" pattern on Solana's price chart suggests a bullish trend, indicating a potential surge towards $174.
Solana Key Resistance and Support Levels
For SOL price to achieve the $175 target, it must navigate past the $162-$164 resistance range. If successful, the next significant target is $175, with the potential to reach the upper resistance level of $188. However, failure to maintain current support levels, such as the $148 mark, could see Solana price fall to major support levels between $121 and $122.
Solana Price Amid Current Market Performance
Solana price has been trading within a broad range since mid-April, with support at $115 and resistance at $188. A breakthrough at $162-$164 could initiate a bullish trend, propelling SOL price towards its $175 target and possibly beyond to $188.
With this optimism, Solana price is highly expected to surge more soon, by surpassing $165 as a first step, which already occurred just a few hours ago today, and next solana price to surpass would be $175. If step 2 achieved, new highs for Solana this July would be more possible, but reaching $200 this July is not likely to occur. However with the market volatility, SOL price is one of the top cryptos to keep an eye on.
