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The price of Solana (SOL) has recovered, but is it preparing for a larger move?

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The price of Solana (SOL) has recovered, but is it preparing for a larger move?

solana

Briefly

  • the price of Solana (SOL) broke through a descending resistance line.
  • It is confronting opposition at $22.90.
  • It’s possible that Solana (SOL) completed an A-B-C correction.

The price of Solana (SOL) is attempting to confirm its bullish reversal by breaking out of the $26 area of resistance.

After the Bonk meme coin emerged, interest in the Solana network has begun to recover. The token’s goal is to provide decentralized exchanges in the Solana ecosystem with liquidity.

Since reaching its all-time high of $259.90 in November 2021, SOL, the native cryptocurrency of the Solana blockchain, has fallen. In December 2022, the downward trend came to an end with a low of $8. However, the price immediately began a significant uptrend, reaching $21.73 at the time of writing.

The trend cannot yet be considered bullish despite the increase. The failure to break out above the $26 resistance area and the RSI rejection from the 50 line are the two primary causes of this. The trend cannot be considered bullish until these two events occur.

A successful breakout above $26 could accelerate the SOL token rate of increase toward $47.

solana charty

 

 

 

 

 

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Solana (SOL) Price Might Have Completed Correction

The daily technical analysis provides a bullish outlook when examined in greater depth. First, on March 20, the SOL price reached a new annual high of $23.91, breaking out of a descending resistance line. However, at $22.91 (white), it failed to close above the 0.618 Fib retracement resistance level.

Last but not least, it appears that the price has completed an A-B-C structure, with waves A: C had a ratio of 1:1.61. In such correction, this ratio is the second most typical.

Therefore, the SOL price has begun a new upward movement that will result in a breakout above the $26 resistance area if the correction is successful. This might take place within the next 24 hours. As previously stated, this could result in an increase to $47.

In conclusion, the most likely scenario for the Solana price prediction is a rise toward $47 and a break above $26. However, this bullish hypothesis will be disproven and the price could fall to $10 if it falls below the March low of $16.

 

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