Solana (SOL) Analysis: Will the Token’s Positive Trend Continue?

The cryptocurrency market has been on a remarkable run for the past few days. While meme and AI tokens are leading the way, large-cap coins are also posting outstanding performances. In this paper, we perform a technical analysis of Solana’s native token, SOL. It discusses possible price forecasts for the coin.

Solana (SOL) Technical Analysis

This work focuses strictly on the technical analysis of the Solana token. That means that it leaves aside elements of fundamental analysis such as news and macroeconomic data. Meanwhile, the technical data belongs to the CoinCodex portal.

This portal applied a total of 30 technical analysis indicators to SOL, of which 26 suggest bullish momentum in the short term. Meanwhile, 4 of them point towards a price pullback. Meanwhile, the fear and greed index shows a score of 64, which means that the market is willing to take risks. The 16 green days in the last month suggest that the chances of positive returns exceed 53%.

Meanwhile, the short-term MSA of 50 also looks solid in positive terms for the currency. The RSI is pointing at 63.75, which means it is neutral. It is worth noting that this indicator suggests oversold status with a score of 30 or below. Meanwhile, overbought status is equivalent to a score of 70 or above.

On the other hand, the market confidence index of the same portal expresses overwhelmingly positive terms. Thus, 87% of the market expects SOL to take an upward direction, while 13% have bearish expectations.

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Token Price Prediction

At this point, we move on to review the short, medium and long-term price predictions. Before continuing, it should be noted that these are forecasts based on technical analysis of Solana (SOL), i.e. on historical behavior. This implies that any news or contextual event can cause complete changes in the price direction.

That said, we move on to the forecasts for this week ending on October 4th. As shown in the image below, prices are positive, although not by large amounts. In fact, the projected return for one week is 0.41%.

As far as the long term is concerned, the projection is much higher. In the best case scenario for 2025, the token price could reach $404 per coin. By 2027, it would correct and in 2029 it would again set historical highs.

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Data to take into consideration

  • The predictions in this article are exclusive to the CoinCodex portal and not to CriptoTendencia. The performance and price data were taken from CoinMarketCap and Messari.

  • Solana (SOL) token predictions are based on technical analysis, i.e. historical data. As such, these may change in the event of unforeseen news.

  • SOL is the native token of the Solana multi-purpose network. It is one of the most important and advanced networks in the crypto space. The token is one of the largest in market capitalization.

Disclaimer: This prediction is based on historical trends and technical analysis. Cryptocurrency prices are highly volatile and can be affected by external factors. Investors should do their own research before making investment decisions.