Solana Coin (SOL) Price Prediction – When will SOL hit $200? - Paste text,images,html and share with anyone

Last Updated on June 3, 2024 by TOP FOREX BROKERS REVIEW

With a year-to-date increase of 170%, Friday’s increase contributes to SOL’s remarkable resurgence as one of the year’s top-performing digital assets. This resurgence is especially noteworthy in light of the uncertainty surrounding Solana’s future at the end of 2022, as a result of the precipitous decline of Sam Bankman-Fried.

In addition, a U.S. bankruptcy court granted the FTX-Alameda estate permission to liquidate its extensive cryptocurrency holdings, which included a $1.16 billion Solana reserve as of the end of August. This raised concerns about a prospective market-wide liquidation of SOL tokens.

According to research from IntoTheBlock, the apprehension caused by the Alameda FUD (Fear, Uncertainty, and Doubt) proved to be less severe than initially anticipated. The FTX estate took measures last week to secure approximately 5.5 million SOL, valued at $122 million at the time, boosting investor confidence.

In addition, the Solana blockchain has seen an increase in network activity over the past few weeks, according to a report from digital asset manager 21 Shares citing data from The Block. The analysis also highlighted Solana’s recent implementation of a technological upgrade, which has decreased the hardware requirements for validators and introduced zero-knowledge-compatible encryption for transactions as an optional feature.

So, Is Solana Coin (SOL) a good investment?

Let’s see the Solana Coin (SOL) price prediction from Technical Analysis SOL:

Solana (SOL) Bullish Trend is Solid

In the technical chart, the SOL/USDT bullish trend is solid as the recent price formed a bullish reversal from the discounted zone of the existing swing. Moreover, the price remained steady above the dynamic 20 EMA with a descending channel breakout as a backup.

After making a new swing high at the 32.14 level, the price corrected lower, where the bearish pressure was very corrective. Moreover, bears pushed the price below the 19.69 high volume level but rebounded immediately.

The above image shows how the MACD Histogram showed PNP formation, where the current price moved above the dynamic 20 EMA with a bullish daily close. Moreover, the 100-day SMA is below the current price with a bullish slope, which could be an additional confirmation to bulls.

Based on this price formation, bulls are more likely to take the price up toward the 44.03 level, which is the 161.8% Fibonacci Extension level from the existing swing. However, a downside correction could happen where the 20.90 would be a crucial support level to look at.

On the other hand, close attention is needed if the price moves below the 19.69 high volume level with a bearish daily close. In that case, the Solana coin (SOL) price today may show a strong downside correction towards the 12.78 support level.

SOL/USDT Ichimoku Cloud Analysis

According to the Ichimoku Cloud on the daily timeframe, SOL/USDT market sentiment shifted from bearish to bullish as soon as the price rejected the 20.90 event level and moved above the Kumo Cloud with strong bullish pressure. Moreover, in the future cloud, Senkou Span A is above Senkou Span B and aiming higher with intense buying pressure, while both lines show an upward slope.

The image above shows how the trader’s dynamic index aims higher where the TDI line is above 50. However, the TDI line reached the overbought area, which could result in a bearish downside correction. Meanwhile, the dynamic Tenkan Sen and Kijun Sen are below the current price and working as strong support.

Based on the Ichimoku Cloud SOL coin price prediction, a bearish correction is possible towards the dynamic Kijun Sen. Later on, any bullish rejection from 20.00 to 24.00 would be a potential buying opportunity in this pair.

On the other hand, an extended downside pressure with a break below the Kumo Cloud would alter the current market structure and initiate a bearish movement toward the 12.78 level.

SOL/USDT Intraday Price Action Analysis

In the intraday chart, SOLD/USDT is trading with a solid bullish momentum where the current price is trading above the visible range high volume level. Moreover, the dynamic 20-day EMA and weekly VWAP level show an additional bullish signal as it remains below the existing swing low.

The above image shows how the price formed an intraday rejection at the dynamic 20 EMA area, where the MACD Histogram moved above the neutral line. In that case, a bearish correction is pending in the price towards the 23.97 visible range high volume level.

Based on the current price action, the 25.00 to 23.10 area would be a possible bullish reversal zone from where the broader bullish trend may resume. On the other hand, a steady break below the 20.95 level would eliminate the buying opportunity until the price reaches the 19.00 level.

Is Solana Coin (SOL) A Buy?

According to the Solana Coin (SOL) price prediction, the broader market direction is still bullish, where any bullish rejection from intraday price would be a decent buying opportunity. On the other hand, investors must pay close attention to the visible range high volume level, as breaking below this level could extend the loss.

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