Should We Anticipate A Solana Price Drop Between $166 and $1,000 By June?
With $2.19 billion changing hands in the last 24 hours, the price of Solana (SOL) has dropped 0.53% to $172.84. Among all cryptocurrencies, Solana has the fifth-highest market valuation at $77.59B, with 448.92 million SOL coins in circulation.
With any luck, Solana (SOL) will be able to sustain its recent gains above $170 and even reach $1,000 by June, according to this price forecast.
Prediction of the Solana Price
The pivot point around $171.79 is quite significant for the near-term price behavior of Solana, as seen on the 4-hour chart. At $176.66, there is immediate opposition; next, at $183.26 and $188.53, there is further resistance.
Subsequent levels of support on the downside are $156.75 and $151.08, with $165.72 serving as an immediate support level. With an RSI of 73, we can see that the market is overbought.
With the 50-day EMA sitting at $155.79, the general uptrend is well-supported.
Although the present bullish trend has the backing of the upward channel, resistance is starting to show itself around the $175 level. There may be an obstacle to more price advances once the trendline passes through this level.
The pivot point at $171.79 is important since it provides immediate support on the downside. The continuation of Solana's rising momentum depends on its ability to stay above this pivot point.
But if the price drops below $171.79, it can start a selling frenzy that sends the market down towards $165.72, $156.75, and $151.08. The near-term direction of Solana's price will be heavily influenced by the market's response to these important levels.
Ultimately, under the $171.79 pivot mark, the technical picture for Solana is still positive. The first obvious obstacle to overcome is the resistance at $176.66, then there is $183.26 and $188.53.
Overbought circumstances could cause a reversal, therefore a high RSI reading is cause for concern.
