Solana Price Prediction: $30 could be on the cards for SOL


  • Solana price has rallied by 140% since January 1.
  • SOL shows potential for a 25% rally to $30.
  • The trade idea depends on the $20 liquidity zone remaining breached.

Solana  price maintains its bullish stance. key levels have been defined to gauge the centralized smart contracts' price trajectory.

Solana price still in an uptrend

Solana price is going through a consolidation phase after a jaw-dropping display of bullish stregnth. In just 30 days, the centralized smart contract token managed to rally by 177%, forcing traders to consider whether the market bottom is in.

Solana price currently auctions at $24.13. The congestion near the mid $20 zone has been going on for roughly two weeks. The 8-day exponential moving average (EMA) mainly supports the back-and-forth price action. The 21 Day simple moving average (SMA) has yet to be retested since being breached during the early stages of the stunning rally. For this reason, traders are likely placing buy limits at the indicator and anticipating a retest-and-rally signal.

The volume indicator is in favor of the bulls as there is a tapered pattern throughout the consolidation. The pattern suggests bears in the market may solely be retail, and that bulls in profit are holding on to their positions.

The next target for traders will aim for will be the psychological $30 price level. The bullish scenario creates the potential for a 25% rise from Solana’s current market value.

tm/sol/1/31'22

SOL/USDT 1-Day Chart

Invalidation of the bullish trade idea could occur if the bears happen to breach the $20 liquidity zone. In doing so, they could catalyze further decline targeting previous resistance zones within the rally, likely at $16 and potentially $12.50. The Solana price could decline by 50% if the bears were to succeed.


 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple rides RWA narrative with Archax collaboration, XRP extends seventh day of losses to 8%

Ripple rides RWA narrative with Archax collaboration, XRP extends seventh day of losses to 8%

Ripple announced that the payment remittance firm extended its collaboration with FCA regulated digital securities exchange Archax. The collaboration is focused on Real World Asset tokenization, an emerging narrative in the ecosystem. 

More Ripple News

ONDO extends gains despite surge in profit-taking

ONDO extends gains despite surge in profit-taking

ONDO, the governance token of Ondo Finance, trades in the green on Friday, defying the effects of a surge in profit taking from large-wallet investors following the 76% gains seen in the past 30 days. 

More ONDO News

Monero price poised for a downward correction

Monero price poised for a downward correction

Monero (XMR) price has encountered resistance at a critical level. The technical outlook suggests a potential short-term correction as momentum indicators signal a bearish divergence.

More Cryptocurrencies News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin braces for potential short-term correction

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin braces for  potential short-term correction

Bitcoin price daily candlestick closes below the weekly support level of $67,147. Ethereum price is weakening and could retrace to its immediate support at $3,321. Ripple price fails to close above the 50-day Exponential Moving Average.

More Cryptocurrencies News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Federal Reserve (Fed) keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP