Solana Price Prediction: SOL Pushes towards $170 — Is $1,000 Possible in June?
Solana (SOL) is currently trading at $172.84, down 0.53% in the past 24 hours, with 24-hour trading volume of $2.19 billion. Ranked 5th, Solana has a market capitalization of $77.59 billion and a circulating supply of 448.92 million SOL coins.
This article analyzes the Solana price prediction and explores whether SOL can maintain its push towards $170 and potentially reach $1,000 in June.
Solana Price Prediction
The 4-hour chart of Solana shows a key level at $171.79, which will be crucial for Solana’s price movement in the near term. Near-term resistance is at $176.66, followed by $183.26 and $188.53.
On the downside, the recent support is at $165.72, and further support is at $156.75 and $151.08 respectively. The relative strength index (RSI) is 73, indicating that the market is overbought.
The 50-day exponential moving average (EMA) at $155.79 supports the overall upward trend.
The ascending channel supports the current bullish trend, but resistance has emerged around $175. A trendline crossing this level indicates possible obstacles to future price increases.
Solana Price Prediction On the downside, the key level of $171.79 is important as near-term support. If Solana can hold above this key level, it could support continued upward momentum.
However, a break below $171.79 could trigger a sharp selling trend, pushing the price towards the next support levels: $165.72, $156.75, and $151.08. The market's reaction to these key levels will be critical in determining Solana's short-term price direction.
All in all, the technical outlook for Solana remains bullish as long as it remains above the key $171.79 level. Near-term resistance is at $176.66, which is the first hurdle to overcome, followed by $183.26 and $188.53.
High values on the RSI indicate the need for caution, as overbought conditions may lead to callbacks. The 50-day EMA at $155.79 provides a solid base for a continued upward trend.
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Original text: https://cn.cryptonews.com/news/solana-price-prediction-as-sol-pushes-toward-170-1000-sol-possible-by-june.htm
