With a bullish rebound from the bearish range, the Solana price has revived hopes for a bullish yearly close, achieving the crucial resistance zone. Hence, the SOL price is believed to maintain a consolidated ascending trend until the end of the year and achieve levels above the crucial resistance zone around $205.
Key Takeaways
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Solana Current Status: Solana price faced a significant pullback in the past few days and dropped below the bullish range. However, the bulls jumped in and prevented the excess price drain and also triggered a strong rebound from the crucial range. Therefore, SOL price is expected to achieve the crucial resistance above $200, which may pave the way for a bullish close for the year.
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Market Performance: The Solana price is trading around $ 217.69 with a notable rise of around 0.77% in the past 24 hours and a 5.47% jump in the past seven days. The market capitalization has increased by a similar range, reaching close to $91.48 billion, while the trading volume surpassed by $2.77 billion with a jump of nearly 3.47%. The bullish sentiments for tokens have surged to 85%, while the Fear-Greed Index has reached 54, indicating that traders are neutral at the moment.
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Technical Analysis: SOL price experienced a huge sell-off after marking a new ATH that slashed the price below $180. However, the bulls have triggered a decent rebound, preventing the token from losing the crucial support at the 50-day MA. Meanwhile, the 200-day Moving average is acting as strong resistance and if the price secures above this range, the price may validate the start of a fresh ascending trend.
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SOL Price Prediction: The crypto market is heading towards the end of the yearly trade and hence the market participants are looking for a bullish close. Besides, the bears also appear to be vigilant over the current price action, which suggests the token may face yet another rejection after hitting $200. As volume remains lower, the crypto could close the yearly trade, consolidating around the same range.
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Future Outlook: Solana has become one of the popular chains in recent times, which has been surpassing the popular ones in terms of TVL, transaction speed, transaction count, etc. Besides, the growing popularity of the memecoins over the platform has also contributed to the overall growth of the platform. Therefore, Solana is expected to grow in the coming days, positively impacting the SOL price.
Where will Solana Price Head Next?
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As seen in the above chart, the price has raised above a prolonged consolidation between $121 and $206; it was stuck for over 8 months.
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Although SOL price marked new highs, the rally failed to hold within the bullish range, and despite a drop below the ascending trend line chart pattern, has reclaimed the levels above the line.
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Now that the levels have risen above the bearish range, the upcoming price action until the end of the year could be largely bullish.
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Besides, the Moving Average Convergence Divergence (MACD) displays a drop in the selling volume & pressure and the levels are about to undergo a bullish crossover.
| Indicator | Value |
|---|---|
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Support levels (Fibonacci, S1/S2/S3)
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$177.31/ $151.49/ $109.68
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Resistance levels (Fibonacci, R1/R2/R3)
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$260.92 / $286.74 / $328.54
|
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50-day EMA
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$207.61
|
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200-day EMA
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$175.85
|
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RSI level
|
39.84
|
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MACD level (Signal Line)
|
-9.58
|
Solana Price Prediction 2025
In early 2025, Solana price is anticipated to reach a midpoint, setting the stage for an ongoing uptrend in the first two quarters. This momentum could propel the SOL price close to the highs of the current bull market, targeting a range between $380 and $450.
However, before achieving the significant $500 mark, Solana might experience a new decline due to the exhaustion of bullish momentum. The initial retreat may start as a minor correction, potentially followed by a small rebound. Over time, bearish forces are expected to strengthen, possibly marking the onset of a new bear market.
This shift could lead to a sharp and sustained downward trend until the end of the year, with the price trading between $280 and $350, indicating a decline of more than 35% to 40% from its previous highs.
Link: https://coindcx.com/blog/price-predictions/solana-price-weekly/?utm_source=pocket_saves
Source: https://coindcx.com
