$SOL Price Analysis: 16% Gains in Sight If This Trendline Holds - CoinGape Analytics

Solana network has a lot going for it currently and its price action echoes the same. SOL price recently broke out from a falling channel and has been in an uptrend. The price action is trending at the 50-day and above the 200-day simple moving averages (SMA), depicting an asset that is slowly turning fully bullish. 

Zooming out, the SOL price is currently in a descending channel, which is generally not a bullish chart pattern. However, if the 32% chance of a breakout to the upside happens, it is usually explosive and aggressive. 

The SOL 14-day relative strength index (RSI) is trending just above the midpoint around 52 and also above its moving average (MA). This is bullish for the asset since there is a lot of upside room for movement. The journey to the overbought (OB) region will be characterized by increasing volume and bullish momentum. Solana’s 24-hour trading volume is already up by 41% per CoinGecko, revealing an increasing interest among investors.

According to these technical indicators, the Solana price prediction shows that the asset may rise by 16% in the coming days to touch $173 at the downward sloping trend line. Conversely, SOL may find support around $131 (200-day SMA) or $120.