Solana Price Prediction: Analyst Says SOL May Soar More Than 800%, But This Bitcoin Mining Platform Might 10X

Updated: 22 November 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The Solana price dropped more than 1% over the past 24 hours to trade at $55.13 as of 8:50 am EST.

This slight drop did nothing to change a renowned analyst’s positive long-term outlook for the altcoin. The analyst, known by the pseudonym Immortal, revealed to his 201,000 followers on X that he believes the Solana price could surge more than 800% from its current value to reach a high of $490.

The Solana Price Risks Losing Key Support

Daily chart for SOL/USDT (Source: TradingView)

From a short-term perspective, a descending triangle has formed on SOL’s daily chart, which suggests that the altcoin’s price may fall in the next few days. If this pattern is validated, the Solana price could lose the support of the key level at $49.65.

Continued sell pressure could then lead to the cryptocurrency retesting the subsequent mark at $40 in the short term. In an extremely bearish scenario, the altcoin’s value could be at risk of plummeting all the way down to $32.70.

This bearish thesis may be invalidated if the Solana price does not break below $49.65, which is also the base of the triangle chart pattern, within the next 72 hours.

Traders may then identify its current level as a fair buy opportunity, leading to a potential injection of capital. SOL could then attempt to overcome the $70 barrier through the course of the following few days. A break above this threshold will then open up a pathway for the Solana price to rise to as high as $100.

SOL was still in a bearish trend, which was evident by the daily Moving Average Convergence Divergence (MACD) indicator. Over the past 48 hours, the MACD line broke below the MACD Signal line.

This is a significant bearish technical flag which signaled that the cryptocurrency’s trend transitioned from bullish to bearish. Since the MACD line is still positioned below the MACD Signal line, and its slope is negative, it is fair to say that the Solana price may continue to drop in the next 24-48 hours.

Solana Price May Still Rise as Bulls Keep Fighting

Bulls were, however, fighting back and trying to defend the $49.65 support level. The daily Relative Strength Index (RSI) line was sloped positively towards overbought territory. Traders normally identify this as a positive sign, as it could indicate growing buyer strength.

Before traders consider entering into a long position for the cryptocurrency, they may want to wait for the RSI line to cross above the RSI Simple Moving Average (SMA) line. This could be a strong signal of a positive shift in the altcoin’s momentum.

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