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The Solana price prediction shows that SOL will escalate, and a break above the channel is expected to pull the coin toward $250.
Solana Prediction Statistics Data:
- Solana price now – $184.97
- Solana market cap – $83.4 billion
- Solana circulating supply – 464.8 million
- Solana total supply – 581.1 million
- Solana Coinmarketcap ranking – #5
It’s often recommended to get in on crypto projects as early as possible. For instance, consider the Solana (SOL) we’re analyzing today. Since its all-time low of $0.5052 on May 11, 2020, it has surged by an impressive 35,421.9%. This incredible rise highlights the potential rewards of early investment in the right projects. Currently, its price performance over the past 24 hours has seen a low of $176.02 and a high of $184.96, though it remains -31% below its all-time high of $260.06, achieved on November 6, 2021.
SOL/USD Market
Key Levels:
Resistance levels: $235, $245, $255
Support levels: $140, $130, $120
SOL/USD currently demonstrates strong bullish momentum in its price action, despite encountering resistance around the $183-$186 level. Historical data shows that this zone has previously acted as a significant resistance point, with the last rally facing strong resistance at $184 before experiencing a bullish rebound from $186. A short-term pullback to the $172-$176 range is anticipated before Solana can resume its upward trajectory, aiming for a breakout above the current resistance zone and potentially rallying to the $200-$210 level.
Solana Price Prediction: SOL Price Gets Ready for the North
From a fundamental perspective, the Solana price continues to exhibit robust growth and performance. It holds the ground above the 9-day and 21-day moving averages after a major recovery from $160. However, this shows that bulls may continue to have the upper hand in the price movement and they could easily push the coin toward the potential resistance of $235, $245, and $255. In other words, if the buying action fails to break above $190, then SOL/USD could instead settle for consolidation.
Nevertheless, market conditions, especially during the summer, tend to show increased volatility, which must be considered when analyzing short-term price movements. External factors, including Bitcoin’s performance, play a crucial role in influencing Solana’s price action. Despite this volatility, the long-term outlook for Solana remains positive, with every dip in price presenting a buying opportunity, assuming that external market conditions remain relatively stable. Furthermore, it is about time that buyers increase their confidence in the recovery because $190 is still achievable. In other words, if the bears bring the coin below the moving averages, the support levels of $140, $130, and $120 may be reached.
SOL/BTC May Spike to the Upside
Against Bitcoin, the Solana price remains above the 9-day and 21-day moving averages as the coin moves to cross above the upper boundary of the channel. However, if the Solana price closes above this barrier, traders might expect a long-term bullish movement.
Whereas, any bearish slide toward the lower boundary of the channel could meet the major support at 2500 SAT before falling to 2300 SAT and below while the buyers may need to push the market to the potential resistance at 3200 SAT and above.
Additionally, @CryptoFaibik, addressing his over 91k followers on X (formerly known as Twitter), announced that the bullish pennant upside breakout for $SOL has been confirmed on the weekly timeframe. This confirmation suggests that a massive bullish rally is imminent. Get ready for significant gains ahead! ✅⌛️📈🚀
$SOL Bullish Pennant Upside Breakout has Confirmed on the Weekly timeframe..✅
Massive Bullish Rally incoming..⌛️📈🚀#Crypto #SOL #Solana pic.twitter.com/9IT2o4Yafs
— Captain Faibik (@CryptoFaibik) July 27, 2024
Alternatives to Solana
Solana is poised for an upward trend as it approaches the upper boundary of its channel. Even with possible short-term corrections, Solana’s robust technical indicators and favorable fundamental factors point to a bullish outlook. However, the fact that Solana (SOL) ranks 5th largest cryptocurrency, the Play Doge presale, now in its 23rd stage out of 40, has garnered significant interest. This robust market participation highlights its potential for future growth, having already raised nearly $5.9 million.
PlayDoge Could Be The Next Major Play To Earn
On that note, investing in the PlayDoge token now offers a promising opportunity to be part of an emerging project with strong market potential. By participating in the presale, you position yourself for substantial profitability as the token progresses through its price stages and beyond.
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