Business

Solana Price Prediction As $SOL Hits New Yearly High at $79.5; Is $100 Next? – Crypto News

Published

1 year ago

December 17, 2023

Dripp

Solana Price Prediction: Under the influence of a rising wedge pattern, the SOL price could prolong the current recovery trend.

<!–

–>

Published 10 mins ago

Solana Price Prediction: Prolonging the Uptober rally with a fantastic November, the Solana buyers sustain the momentum even in December. With a 335% rise in the last three months, the coin price trend shows a remarkable reversal trend ready to approach $100. However, with the markets turning moods with the weekend crash plunging Bitcoin to $40K, will SOL price reach the $100 mark this month?

Also Read: Solana Flips Ethereum DEX Volume As Saga Mobile Gets Sold Out & BONK Price Rally

Is $100 Within Reach?

Until the rising wedge pattern is intact, the SOL price recovery will continue to higher
An upside breakout from the wedge pattern will intensify the buying pressure.
The 24-hour trading volume on the Solana coin is $2.01 Billion, indicating a 30% gain.

Solana Price Prediction| TradingView Chart

Despite the short-term price action being full of turbulence, the Solana price sustains an overall uptrend. With the bullish run in SOL price crossing the $75 mark, the buyers are ready to signal a new breakout at $80.

Furthermore, the high-intensity buying pressure in Solana helps the altcoins fly above the recent correction in Bitcoin. In the daily chart, the coin price action also forms a rising wedge pattern as two opposite trendlines taper the SOL price movement.

With a failed V-shaped recovery attempt from buyers to surpass $76, bears take the opportunity and tease a double top. The neckline of this bearish pattern stands at $63.6 and warns of a correction phase with a huge impact.

In case the sellers gain momentum, the downtrend will result in a 30% fall to $51.

Rounding Bottom Pattern Keeps Recovery Intact

Solana Price Prediction TradingView Chart — Solana Price Prediction| TradingView Chart

The recovery trajectory of the Solana price in the weekly chart forms a rounding bottom pattern with the buying pressure on the rise. According to the rise in trading volume supporting the reversal, the long-term trend teases a strong move upward.

Further, the long-term reversal pattern trumps the rising wedge in daily charts and signals an overall bullish trend for Solana. Therefore, the bullish break of $80 will mark a strong bullish trend potentially crossing the psychological mark of $100.

Exponentially moving: The 20-day EMA acts as a safety net for buyers amid a correction trend.
Relative strength index: The daily RSI slope shows an uptick above 60% reflecting the recovery trend is intact.

Share this article on: