Solana Price Prediction – Towards $ 300?

Solana had started an upward move since last week. The bullish momentum of the market has further fueled the upward trend of SOL crypto. However, the bulls could die for the cryptocurrency as the price appears to be moving towards consolidation. At the time of writing, Solana crypto is trading at a price level of $ 28. Price hasn’t moved much in the daily timeframe while trading volume has decreased by more than 30%. The sixteen largest cryptocurrency has a market capitalization of $ 7.6 billion.

Technical SOL analysis

The market outlook for Solana has turned negative amid the recent decline in bullish momentum. Twelve technical indicators give an indication of a sell-off of the total of twenty-six. Nine of the rest are in a neutral position while only five are in a bullish position. The oscillators are mostly neutral while the moving averages indicate a downtrend.

Solana price prediction

According to a dealer analysis, Solana operates with a descending trend line. The trend line has acted as a strong resistance for the cryptocurrency. In addition, the 30 moving average is also a source of resistance for SOL crypto. Currently, it can be observed that the cryptocurrency has broken the descending trend line due to the dominating bulls. However, the SOL coin could soon recede off the trendline as the bulls have taken a back seat once again. Initial support is at $ 26.4 while immediate resistance is at $ 29.6.

Future prospects of Solana

The World Economic Forum recently highlighted Solana’s transaction speed along with several other major projects. The unique proof-of-history mechanism integrated into the proof-of-stake makes the blockchain highly scalable. The commendable speed and potential of the project for its optimistic future prospects. Solana could also have the potential to overtake Ethereum. According to wallet investor, Solana is set to hit $ 319 in five years. The Digital Coin Price predicts that the price of the cryptocurrency will be around $ 99 by 2026.

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