Solana (SOL) had been highly volatile with major upside and downside movements. The volatility may have died down as Solana begins a brief consolidation. At the time of writing, Solana stands at a price level of $32.50. the price has increased by 3% in the past twenty-four hours while the trading volume has dropped down by 30%. The cryptocurrency has suffered from 6% losses in the past seven days.

Solana (SOL) technical analysis

The market sentiment for Solana is bearish. Out of the total twenty-six technical indicators, eleven are giving out a signal of sell with ten indicators standing at a neutral position and only five indicators are giving out a buy signal.

Solana (SOL) had been identified to be forming an Elliot wave series. The cryptocurrency is also expected to form other minor wave series inside the major one. Currently, SOL coin is beginning the formation of the fifth wave of the series. The fifth wave is regarded as the risky one with various highly volatile movements. The price prediction for Solana by the end of the wave count is at $120. The price action after the fifth wave is also something to be vary of as Solana can suffer from high bearish momentum. However, a bullish butterfly harmonic pattern is expected to be formed by SOL coin after the completion of the Elliot wave series.

Solana (SOL) price prediction

Solana is the fourteenth largest cryptocurrency in the market. The platform provides solutions for decentralized finance and targets both institutional and small-scale traders. The project has risen in popularity with it now being considered one of the best projects in the DeFi sphere. The long-term potential of the cryptocurrency is good. According to the estimates of Digital Coin Price, Solana will be valued at $140 by 2028. Wallet Investor is more bullish on the cryptocurrency and predicts the price to cross $100 in a year’s time while the five-year projection shows a price level of a staggering $391.