SOLANA Price Prediction, Support Holds, Anticipating a Lift-Off
- Solana witnessed a corrective pullback after reaching the $77.70 level against the US Dollar.
- Currently, Sol's price is holding above $63.00 and remains positioned above the 21-day simple moving average.
- On the 4-hour chart of the SOL/USD pair, a crucial bullish trend line is taking shape, offering support around the $66 mark.
SOLANA price consolidating gains over $62, potential rise above $68.50
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According to Coingabbar Price Analysis, Solana is currently within the confines of a Rising Channel Pattern on the daily chart.
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Following its peak around $77.76 for the year, SOL has undergone a 15% decline, settling at $66.00.
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There are indications of a rounding bottom formation, suggesting the potential for SOL to surpass $80 in the near future.
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To initiate another upswing, SOL must maintain levels above the critical support at $62.00.
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The 21-day Moving Average is acting as a support, facilitating rebounds in SOL's price.
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The Relative Strength Index (RSI) remains bullish, holding above the halfway mark.
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A breakout beyond the $80 level could pave the way for Solana to target the upper resistance of $100 by coming months.
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Conversely, if bears take control, a loss of momentum may lead to a test of the $61 support level and the channel support.
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Continued bearish dominance could result in a deeper plunge, with the lower support level of $51.00 potentially being tested in the upcoming week.
KEY LEVELS :
RESISTANCE LEVEL : $68.00-$72.00
SUPPORT LEVEL : $68.00-$65.00
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.
