SOL Price Prediction: Bullish Pattern Sets Solana Price for 22% Rise; Enter Today?

SOL Price Prediction: Amid the increasing bearishness in the market, the Solana price witnessed a significant correction last week. In fact, this retracement was a retest phase to the recently breached resistance which carried a downtrend in this coin for nearly eleven months. Moreover, the price showing sustainability above the trendline indicates buyers defend the newly reclaimed level and can use it as a stepping stone to rise higher.

Key Points

• The triple bottom pattern is a strong reversal pattern that could assist buyers to trigger a fresh recovery rally.
• A breakout above the $23 barrier may set the Solana price for a 16.6% rise.
• The 24-hour trading volume in the Solana coin is $773.2 Million, indicating a 108.5% gain.

Source-Tradingview                                               

At the base of the recent correction phase, the Solana price shows the formation of a triple bottom pattern. In theory, this pattern formation itself reflects a strong accumulation from buyers which bolsters a trend reversal.

By press time, the Solana price traded at $21.6 with an intraday gain of 2.35%. With sustained buying, the coin price should rise 5.5% and hit the immediate resistance of $23. A potential breakout above this resistance will accelerate the buying pressure and surge the price by 16.6% to reach a two-month high of $26.68.

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On a contrary note, if the price continues to consolidate sideways, a breakdown below the lower trendline will invalidate the bullish thesis.

Technical Indicator

Relative Strength Index: Contrary to the sideways action, the daily RSI slope shows evident growth indicating the buying pressure at the lower levels is rising.

Exponential Moving Average: The daily EMAs(20, 50, and 100) accumulated between the current price and the aforementioned resistance of $23, create multiple barriers trying to undermine the bullish growth.

Solana Coin Price Intraday Level

• Spot price: $21.68
• Trend: Bullish
• Volatility: High
• Resistance levels: $23 and $25.3
• Support levels: $19.6 and $15.9