SOLANA Price Prediction, Is Massive Correction On The Horizon

Five green weekly candles signal sustained SOLANA momentum

• Bitcoin Spot ETF approval sparks strong optimism in the crypto market.

• Cathie Wood, CEO of ARK Invest, praises Solana's speed, propelling SOL prices upward.

• Wood compares Ethereum to a cheaper and faster alternative to Bitcoin but suggests Solana may surpass it.

• The Solana blockchain emerges as a promising alternative, potentially displacing Ethereum.

• Bullish sentiments surrounding Solana's future fuel optimistic SOL price predictions.

Technical Views:

• According to Coingabbar Price Analysis highlights a channel breakout and a parabolic recovery trend in SOL prices.

• The uptrend sees active buyer participation, particularly after SOL surpasses the $50 mark.

• Notably, the high-speed breakout rally is supported by a significant surge in trading volume.

• A long-term trend reversal is indicated by a bullish turnaround, as observed in the 1-week chart.

• Over the past five weeks, a substantial 200% increase is driven by dominant bullish candles, reflecting robust underlying demand.

• In the weekly chart, SOL price action reveals a rounding bottom breakout, with the neckline identified at $60.

• The 4-hour chart shows a channel pattern breakout, leading to an approximate 20% increase in SOL price.

• Currently, on the 4-hour chart, Solana price is trading within a range, featuring long-bodied doji candles that suggest a potential shift in direction.

• Anticipation is growing for SOL price to attain the psychological milestone of $100, with the likelihood increasing.

KEY LEVELS :

RESISTANCE LEVEL : $66.50-$68.00

SUPPORT LEVEL : $63.00-$61.00

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.