Solana Price Prediction: Technical Analysis and Potential Drivers

Solana (SOL) price has fallen 8.4% in the past 24 hours and is currently trading at $136. The decline could be related to Bitcoin’s break below the key support level of $60,000, an event that also affected other cryptocurrencies.

Short-term bullish 22%: Technical Analysis

Solana price followed the broader market down, executing Bitcoin’s three-day losing streak from $63,490 to the current $58,893. Solana also fell from $155 to the current $136. Despite this, SOL price remains above the 200-day moving average, which is a bullish sign.

The total market capitalization fell 4% to $2.29 trillion, but Solana price still maintains a symmetrical triangle pattern. The asset found support near the 200-day moving average and seems to be rebounding.

Key Support Levels and Upside Potential

SOL price must remain above $128 to continue the bullish trend. Otherwise, a break below this level could lead to a further drop to the critical support level of $87. If bulls take an aggressive advantage, the SOL price could rise 22% to $164 by rebounding from the current 200-day moving average support, which is right at the upper line of the symmetrical triangle.

On a longer time scale, the symmetrical triangle is part of a bullish pattern with room for a breakout. The forecast shows that the symmetrical triangle is expected to rise further by 37% and will push the SOL price to $227, just 12% away from the all-time high.

ETF Favorable Expectations

The news that VanEck and 21Shares submitted the SOL ETF application shook the cryptocurrency space. Crypto enthusiasts called for a Solana altcoin bull run if the ETF is approved soon.

GSR Trading Company scored Solana for the possibility of ETF approval with a score of 0.58, just behind Ethereum (1.13). The ranking is based on decentralization and demand scores. The report said that if the SOL ETF is approved, the asset value could soar 8,900% in this bull run.