Solana (SOL) Review
Solana (SOL) is preparing for a rapid comeback amidst the uncertainty in the crypto market. At least some altcoins are. The layer1 solution, which made a huge profit and left its mark on 2021, is now getting ready to return to its former glory. Current data and predictions shed light on the future of Solana Coin and more.
Solana (SOL) Analysis
The price of Solana (SOL) successfully broke through significant resistance levels both horizontally and diagonally, indicating a breakout. This breakout could signify the start of a new bullish trend. Preliminary signals are promising for SOL Coin investors. Price movement and various indicators provide further evidence to support the ongoing upward trend and increase the likelihood of SOL price continuing to rise in the near future.
An analysis of the weekly chart shows that Solana made a significant breakthrough when it surpassed a descending resistance line that had been in place for 600 days since November 2021. Such breakouts often indicate the end of the previous trend and the beginning of a new trend in the opposite direction. Therefore, SOL price is likely to enter a bullish trend.
Price Prediction for SOL Coin
Investors who capitalized on the $8 bottom level made significant profits. Now, the popular altcoin is trying to attract investors’ attention for even greater peaks. Technical analysis on the daily time frame shows that SOL price has been rapidly increasing since June 10th. During this rise, the price broke out of a descending resistance line that had been in place for 81 days. This is another indicator supporting the upward movement.
Once Solana reclaims the horizontal area around $26, the probability of further gains will strengthen. On July 14th, SOL reached the highest level of the year at $32.13. Despite forming a long upper wick and subsequently dropping, it is still hovering near the $26 level. If the price continues to recover, it may find a new peak above $38 and $40.
However, closing below $26 weakens the possibility of an upward movement for now. Investors will need to closely monitor SOL Coin’s price closes below $26.
