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Solana price prediction shows that SOL could renew the uptrend after testing the $150.35 support level today.
Solana forecast statistical data:
- Solana Price Now – $154.63
- Solana Market Cap – $72.18 Billion
- Solana circulating supply – 469.75 million
- Total Solana supply – 586.57 million
- Solana Coinmarketcap Ranking – #5
An early investment in Solana (SOL) has proven incredibly rewarding, with its price up 30,634.55% from its all-time low of $0.5052 in May 2020. Although it is currently down up 40.3% from its all-time high of $260.06 in November 2021, the token’s recent 24-hour performance ranging from $150.91 to $158.72 still presents significant growth potential . This highlights the benefits of getting involved in a crypto project early.
SOL/USD Market
Key levels:
Resistance Levels: $180, $190, $200
Support Levels: $130, $120, $110
According to the daily chart, Solana (SOL) exhibits a promising technical structure that sets the stage for possible future price movements. Recently, price formed a double bottom pattern, a classic bullish reversal indicator, suggesting that the market may be ready for a bullish breakout. A significant breakout occurred two days ago and continued through the weekend. Solana has since approached a critical resistance zone between $157 and $159, with a daily high at $161, a region where significant trading volume has historically occurred. However, successfully overcoming this resistance could unlock the next leg of the uptrend.
Solana Price Prediction: Where Could Solana Price Be Next?
The daily chart shows that Solana has been consolidating between $122 and $164 for an extended period. Although some may see this as a sign of indecision, it is often a bullish signal when an asset consolidates after an uptrend. This sideways price movement allows the market to digest previous gains, creating momentum for a potential breakout. Historically, breaking through the $164 to $166 resistance zone could lead to strong upsides, with previous breakouts pushing the price towards the $180, $190, and $200 resistance level, respectively. A similar move could occur if this resistance is removed again.
Meanwhile, traders can see that the daily movement remains in the hands of the bears, but the 9-day moving average is likely to move above the 21-day moving average, suggesting a breakout above the channel. Therefore, a breakout to the positive side could most likely push the coin above the upper boundary of the channel, while a decline towards the lower boundary of the channel could lead to the supports of $130, $120, and $110 respectively.
SOL/BTC could break through to the north
When comparing Solana to Bitcoin (SOL/BTC) on the daily chart, the first signs of a bullish divergence begin to appear. Although Solana has yet to significantly outperform Bitcoin, price action suggests that Solana may start to strengthen against Bitcoin. The daily chart indicates that Solana’s performance against Bitcoin is stabilizing and any additional momentum could lead to a breakout in the SOL/BTC pair.
Meanwhile, if sellers return to the market en masse, Solana price could fall to the support of 2110 SAT and below. Now the 9-day moving average technical indicator as the market might face an upward move in the next positive direction while the resistance level might be located at 2550 and above.
However, @0xShinichi shared with his followers on X (formerly Twitter) that $SOL has been consolidating in a range for almost six months, much like Bitcoin. Meanwhile, meme coins saw significant increases. He encouraged his followers to imagine the potential when $SOL finally breaks out of its current range.
$ SOL has been around for almost 6 months, similar to Bitcoin, but the meme coins are pumping like crazy.
Imagine… just imagine when it gets out of this range 🧐 pic.twitter.com/R6ggzgjfZS
-Shinichi (@0xShinichi) October 15, 2024
Alternatives to Solana
In the short term, for Solana (SOL), the probability of an immediate breakout remains uncertain. Although the daily chart reflects a slight increase in trading volume, the current momentum is not yet strong enough to confidently break through the resistance at $164-166. Solana may continue to consolidate for a little longer before a significant breakout occurs. Nevertheless, the cryptocurrency market is experiencing a bullish phase, with strong momentum across various assets. Meme pieces, in particular, are gaining ground and Pepe Unchained is emerging as a potential player in this area. The token has already raised over $19.7 million in pre-sale activity, signaling high interest from investors.
Pepe Unchained could be next to take flight
Investor interest in Pepe Unchained is being bolstered by significant transactions, including a notable $61,000 purchase by a whale investor. Daily net inflows of around $250,000 further indicate strong demand for the token. Whale accumulation is often considered a bullish indicator, as it suggests confidence from large market participants, adding credibility to the token’s potential for future gains.
Visit Pepe Unchained
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