In our last Solana price prediction, we wrote that the price is about to make a clear jump upwards. Today, we can see that this scenario happened exactly as we predicted. The move has materialized and SOL price broke a trend line that previously served as resistance. But how could the Solana price continue after the price had outperformed half the crypto market? Some cryptocurrencies have fallen today, but Solana prices were able to continue to rise. What could be next for the Solana price? Let’s analyze Solana 😉
What is Solana Crypto?
Solana is a decentralized blockchain. It is developed to facilitate scalable, user-friendly apps. Solana’s native cryptocurrency is SOL. The SOL has received a lot of attention in recent days, notably during the current crypto rally. SOL runs just like how ETH works on Ethereum. The only difference is that the SOL holders stake the token to verify transactions within the PoS consensus mechanism. It also allows users to engage in governance methods, earn bonuses and pay gas fees. Solana is a single-chain, delegated-Proof-of-Stake.
The benefit Solana has over other blockchains is that it enables the blockchain to run efficiently despite network activity. In addition, Solana utilizes Cloudbreak, a shared log that blocks transaction history from using too much computer space.
Will Solana Price Prediction – Will Solana go up?
A few days ago, the Solana price was able to break a higher-level trend line, which had caused prices to fall. A short time later, the price was able to rally to the $127 – $133 resistance area and was rejected. As it seems like the price will not break the resistance, for the time being, we anticipate the price to correct for the time being. This correction could result in Solana price confirming the broken trendline as support. Thus, the breakout would be confirmed and a future uptrend could be formed. In general, the daily chart indicates that the price is overbought, which is why an early correction is overdue!
Will Solana reach $200?
Solana reaching a price of $200 should not be hard. In fact, its all-time high price of $260 was reached back in November 2021. SOL prices crashed as part of the crypto market adjustment. In the other hand, one should consider closer price targets before eyeing the psychological price of $200.
For now, we assume that Solana prices will fall in the next few days and will therefore be bearish. A retest of the trendline could occur during the descent. After retesting the trend line, a fresh rise to the resistance zone ($127 – $133) might occur. However, here we expect a break of the resistance followed by a move up to the next resistance located around $150. Subsequently, a renewed descent to the new $127 – $133 support zone might occur.
After this short-term retracement, prices are expected to continue on their way upwards, specifically towards the psychological price of $200. It is worth noting that this scenario assumes a positive crypto market and no negative sentiment in the crypto market.