Solana Price Prediction: Top Analyst Says SOL Headed For Triple Digits In 2024, But Consider This Crypto Casino For 100X Gains Before Time Runs Out

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Solana price is up 2% in the last 24 hours to trade for $61.17 as of 5:40 a.m. EST, but trading volume has dwindled almost 20% over the same timeframe.

Analyst Altcoin Sherpa, with almost 200k followers on X, sees better things ahead with SOL headed for triple digits in 2024.

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Top Analyst Forecasts Three-Digit Target For Solana

Altcoin Sherpa sees Solana going “to 3 digits in 2024” after “some chop between $50-$75 for some amount of time.” The analyst attributes this expectation to the tendency of price to fill out the inefficiency, referring to the fair value gap (FVG).

$SOL: expecting some chop between $50-$75 for some amount of time. Usually price likes to fill out the inefficiency. Overall, I do think that this goes to 3 digits in 2024 though. #Solana pic.twitter.com/IgMOXgrocQ

— Altcoin Sherpa (@AltcoinSherpa) November 30, 2023

For the layperson, an FVG represents an inefficiency or imbalance in the market. They occur when buying or selling pressure leads to significant price movements, leaving behind gaps on price charts.

It acts as a magnetic pull, effectively, on the price of the asset. This is such that, for as long as the price does not fill this inefficiency, there will remain an imbalance in that market. This imbalance is seen as a liquidity gap that needs to be collected.

Solana Price Prediction As SOL Fills Up A Triangle

Notably, Solana price shows an FVG on the weekly timeframe, but the daily timeframe paints a different picture. It shows that the purported Ethereum killer is filling up a symmetric triangle, which means the next directional bias will only be determined after the breakout.

Traders looking to enter long on short positions should therefore wait for Solana price to vindicate itself from the confines of this technical formation.

Meanwhile technical indicators give conflicting signals. For one, the Relative Strength Index (RSI) is moving north, showing momentum is rising. This, coupled with the fact that it is has already signaled a call to buy SOL by crossing above the signal line (yellow line), tilts the balance in favor of the upside.

Increased buying pressure in this respect could see Solana price shatter the upper trendline of the triangle. A breakout north and therefore continuation of the trend will be confirmed once SOL breaks and closes above the $67.26 resistance level.

Further north, the gains could extend for the price to clear the range high at $68.20, or higher breaching the $70 and $80 psychological levels before testing the $92.76 resistance level, last tested on May 5 around the time when the Terra (UST) ecosystem collapsed.

Converse Case

However, it could be that the crossover between the RSI and the signal line has already been price in with the leading green candlestick in the chart above. If so, a correction could be underway, backed by the solid presence of the bears in the SOL market, indicated by the red hot histogram bars of the Awesome Oscillator (AO).

In such a case, increased seller momentum could see Solana price extend lower, breaking below the lower trendline of the triangle and tagging the 25-day Exponential Moving Average (EMA) at $54.11. Further south, the price could slip below the $51.63 support level, in a move that would invalidate the bullish thesis.

Next levels to watch in such a directional bias would include the 50-, 100-, and in the dire case, the 200-day EMA at $46.54, $37.75, and $31.20 levels respectively.

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