Solana (SOL) started off on an upward trend since the end of June. Solana has been gaining bullish momentum; however, it has now entered a consolidation phase with decreased volatility. At the time of writing, the cryptocurrency stands at a price level of $35. The price has increased slightly in the past twenty-four hours while the trading volume has also gone up by 20%.
Solana (SOL) technical analysis
The market outlook for the cryptocurrency is bullish. Out of the total twenty-six technical indicators, fourteen are standing at a buy position with ten indicators at neutral and only two suggesting a sell. The oscillators are neutral while the moving averages suggest a strong uptrend in the daily timeframe.
A trader has identified various crucial levels for the cryptocurrency. Solana (SOL) is operating in an ascending channel formation. The cryptocurrency is currently near a major resistance level at $35. If Solana is able to break this resistance, it would confirm the bullish trend. The break out from the resistance level will activate price targets at $39 followed by $41.
The price predictions for the cryptocurrency are favorable as it is considered a good long-term investment. According to the estimates of Wallet Investor, Solana is expected to be operating at a price level of $105 in a year’s time while the five-year projection shows a price of $391. Digital Coin Price’s forecast is not as optimistic but optimistic nonetheless. Per their estimates, Solana will end the year with a price of $51 and will continue climbing upwards till $153 by 2028.
What might push the cryptocurrency upwards?
Solana’s blockchain provides DeFi solutions. The network has been garnering increasing popularity. The Solana blockchain has had plenty of good projects working on it with plenty more under development. Recently, Solrise Finance – a decentralized asset management based on Solana’s blockchain – raised $3.4 million in its ICO. The number of good projects of the blockchain is increasing exponentially and the utility and potential of Solana is evident. This may help Solana achieve the optimistic price targets set for it.
