Solana Price Prediction for Today, May 17: SOL Ready to Break Above $60 Level

The Solana price prediction may continue to show a bullish movement if the market could rise above the $60 resistance level.

Solana Statistics Data:

• Solana price now – $56.08
• Solana market cap – $18.8 billion
• Solana circulating supply – 337.1 billion
• Solana total supply – 511.5 billion
• Solana Coinmarketcap ranking – #8

SOL/USD Market

Key Levels:

Resistance levels: $80, $85, $90

Support levels: $15, $10, $5

SOL/USD is showing positive movement for the past few days as the market crosses above the 9-day moving average. Apart from this, the price of Solana still has to conquer the 21-day moving average within the channel and traders can expect the price to continue to rise as soon as this is done.

Solana Price Prediction: Solana Price Will Shoot to the North

The daily chart shows that the Solana price is attempting to create a new positive trend, and traders may expect a bullish continuation towards the upper boundary of the channel which could test the resistance level of $70. Similarly, the technical indicator reveals Relative Strength Index (14) remains below 40-level but crossing above this barrier may locate the potential resistance levels at $80, $85, and $90 in the long term.

Furthermore, if the Solana price maintains the rising channel pattern, traders may witness additional bullish trends in the coming trading sessions. Meanwhile, a bearish breakdown may likely play out for this market if the Solana price withdraws back below the 9-day moving average, and this could roll the coin back to the long-term supports at $15, $10, and $5.

Against Bitcoin, the Solana price follows the bullish movement as the coin moves to the upside. More so, if the pair touches the resistance level of 2000 SAT, the market is likely to keep releasing more bullish pressure as the technical indicator Relative Strength Index (14) moves to cross above the 40-level, which indicates that more bullish signals are going to play out.

In other words, if SOL/BTC falls and stays below the 9-day moving average, it may bring the coin to the nearest support at 1500 SAT, and any further bearish movement could lower the price to the support level of 1200 SAT, and below. Nevertheless, if the coin continues to follow a bullish movement and faces the upper boundary of the channel, traders could see a bull run to the resistance level of 2500 SAT and above.

Looking to buy or trade Solana (SOL) now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider

Read more:

• How to buy Cryptocurrency