Solana Price Prediction:

Solana’s price drop that occurred early Monday morning was not an unexpected event, as cryptocurrency prices usually see volatility after stabilizing over the weekend.

That being said, traders do want to know what happens next, as increased volatility can bring new profit opportunities, provided they know what to expect and what actions to take. Solana’s chart can reveal where the coin is headed next through certain technical indicators.

For example, SOL’s Bollinger Bands widened significantly when the price dropped, but then suddenly narrowed as traders stopped selling. Now that they are buying on the dip, the distance between the channels has widened again, a bullish sign that prices will continue to climb higher.

However, Solana’s Relative Strength Index (RSI) has climbed from the oversold region to the overbought region. This sharp rise could hint to some traders that it’s time to start selling, or at least stop buying and keep an eye on the market to see what happens next.

However, as SOL recovers quickly, buying pressure could push its price higher, allowing it to break through the former resistance at $146, which held steady over the weekend.

However, if traders decide to stop buying after SOL recovers from its 5% drop earlier today, the same resistance could halt its progress.

It is also clear that SOL is still following Bitcoin's lead, so even for those who hold Solana but not BTC, it may be worth keeping an eye on Bitcoin's performance.

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