Solana price forecast as SOL bulls look to buy the dip – Crypto News – Crypto News
Connect with us
Solana price prediction Solana price prediction

Cryptocurrency

Solana price forecast as SOL bulls look to buy the dip – Crypto News

Published

5 months ago

on

  • Solana has fell 7.6% in the past 24 hours to touch lows of $166.
  • The technical outlook on the daily chart shows price is taking on a bearish flip.
  • Bulls bouncing amid crypto recovery could target $200.

Solana has experienced a 7.6% dip in the past 24 hours to touch lows of $166, with declines coming amid widespread selling across crypto.

But as the volatility prompts some investors to take profits, bulls are likely eyeing the downturn as a buying opportunity.

Here’s a look at the technical picture for SOL.

Solana drops to key support level

As highlighted, Solana’s price has declined by about 7.6% in the past 24 hours, trading to lows near $166.

CoinMarketCap data shows Solana’s 24-hour trading volume increased by about 25% to $7.38 billion, which hints at heightened market activity.

It’s an outlook that mirrors the broader crypto market performance, with Bitcoin (BTC) selling-off to below $115k, Ethereum (ETH) to around $3,500 and XRP down 7% to around $2.90.

Losses across board saw total liquidations reach $758 million in the last 24 hours, with SOL seeing about $43.8 million liquidated.

The sudden price dip meant most of the liquidations are of bullish Solana bets, which Coinglass data shows at $42 million of the $43.8 million.

A bearish sentiment amid this flip has SOL currently hovering at a key support level.

Could bulls capitalize on the dip to build fresh momentum towards $200? Continued network growth, as highlighted by key metrics such as active users and revenue, suggests Solana is strong long term.

Solana price prediction

The Solana price prediction for 2025 is largely bullish, with analysts seeing it as a key breakout level.

Conservative forecasts put SOL at $500 by the end of 2025, mainly driven by Solana’s robust ecosystem and institutional interest.

Spot ETFs and regulatory tailwinds could be the main catalyst.

However, what’s the short-term outlook as cryptocurrencies navigate yet another sell-off phase?

SOL price chart by TradingView

The technical outlook on the daily chart shows the price remains within an ascending channel, but has broken below the middle line.

Meanwhile, the Relative Strength Index (RSI) stands at 45, below the midpoint after SOl flipped from overbought territory.

The RSI indicator is also downsloping to suggest a potential move toward the oversold zone.

SOL’s daily chart also shows the Moving Average Convergence Divergence (MACD) indicators hinting at bearish momentum after a bearish crossover.

While a drop below $160 may test lower supports at $145 and $130, a reversal amid buying pressure will allow buyers to target $200.

As noted, some analysts are predicting SOL price to $500 in a sharp rally amid spot Solana ETFs approval.

Share this article
Categories
Tags

Related Topics:
Continue Reading

Trending