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SOLANA TECHNICAL ANALYSIS CMP-$59.50: Will The Flame Continue?

Key Takeaways
  • On the 4-hour chart, Solana breaches the Bullish Flag Pattern and maintains its position above it
  • Solana is displaying an encouraging rounding bottom pattern on the weekly chart
  • Over the past five weeks, SOL prices experienced a substantial 175% surge, suggesting a possible bullish breakout
15-Nov-2023 By: Lokesh Gupta

Solana trades above $50 against USD; expect fireworks beyond $60

Despite its close association with the FTX fiasco, Solana has mounted a resilient comeback. With SOL yielding over four times the returns of Bitcoin, investor confidence is notably high. Notably, as FTX's SOL holdings are liquidated, the market effectively absorbs the supply, especially as the vesting schedule concludes. The current uptrend has surpassed the psychological $50 mark, and the Solana price prediction holds steady with a target of $100.

Technical View:

According to Coingabbar Price Analysis, Solana is exhibiting a promising rounding bottom pattern on the weekly chart, signaling a strong trend reversal. In the last five weeks, SOL prices surged by 175%, hinting at a potential bullish breakout. The accompanying rise in trading volumes underscores a notable increase in demand. On the 4-hour chart, Solana successfully breached and sustained above a bullish flag pattern. A decisive move and consolidation above $60 could pave the way for a short-term target of $75.


RESISTANCE LEVEL : $62.00-$64.00

SUPPORT LEVEL : $58.00-$56.00

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.