Solana (SOL) Price Prediction: Technical Analysis and Potential Drivers
Solana (SOL) price has fallen by 8.4% in the past 24 hours and is currently trading at $136. The decline could be related to Bitcoin’s break below the critical support level of $60,000, an event that has also had an impact on other cryptocurrencies.
Short-term bullish 22%: Technical Analysis
Solana price has followed the broader market down, and as Bitcoin has fallen for three consecutive days, from $63,490 to the current $58,893, Solana has also fallen from $155 to the current $136. Despite this, SOL price remains above the 200-day moving average, which is a bullish sign.
Despite a 4% drop in the total market capitalization to $2.29 trillion, Solana price has maintained a symmetrical triangle pattern. The asset has found support near the 200-day moving average and appears 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 of $87. If bulls take advantage, the SOL price could rise by 22% to $164, which is right at the upper line of the symmetrical triangle, by rebounding from the current support of the 200-day moving average.
On a longer time scale, the symmetrical triangle is part of a bullish pattern with the possibility of a breakout. Forecasts show that the symmetrical triangle is expected to rise by a further 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 has shaken the cryptocurrency space. Crypto enthusiasts are calling for a bull run for Solana's altcoin 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 claims that if the SOL ETF is approved, the asset value could surge by 8,900% in this bull run.
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