According to Coingabbar Price Analysis, Solana price initiated a downward correction from the $125 zone against the US Dollar.
Following its 2023 high at $127, Solana price experienced a retreat, forming a short-term falling wedge pattern with a series of lower lows and lower highs.
Solana is displaying a Rounding Bottom Pattern, potentially contributing to its upward momentum.
The current trading status shows Solana price is above $100 against the US Dollar, similar to Bitcoin.
To initiate another increase, the Sol/USD pair needs to maintain support levels at $104 and $100.
SOL is currently consolidating gains and might embark on a fresh increase if it surpasses the $117 mark.
A crucial factor for a potential sustained rally is a clear breach above the $118 resistance level.
KEY LEVELS :
RESISTANCE LEVEL : $110-$115
SUPPORT LEVEL : $105-$100
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.
Also read: Ethereum Price Prediction, Will Triumph or Succumb to Market Forces
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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