Solana Crypto Price Levels

Solana Crypto has seen a slight retracement in the markets today as Bitcoin continues to get rejected at key resistance levels. Currently down 8.35% on the daily time frame, traders are wondering if Solana (SOL) still has the fuel to reach $50.

At the time of writing this article Solana Crypto (SOL) is trading within an ascending channel trading pattern. Typically this is a bullish continuation and this could be a support level that attracts buyers.

Will we see Solana reach $50 soon? Solana is listed on eToro.

Cryptoassets are a highly volatile unregulated investment product.

Solana Crypto Price Prediction 2022

Following volatility in the crypto markets Solana (SOL) has printed a swing low down to $35 today. This is just above the support trendline of our ascending channel pattern.

Residing within the ascending channel is also a falling wedge pattern. Solana (SOL) lost this key support level and must now retest the $37 resistance with hopes to regain price structure.

If Solana fails to gain positive momentum and have a bullish reversal we might break the critical support level of $35 which could lead to prices of $30 or lower.

Solana Falling Wedge Pattern

Solana-Usdt – 30-minute Time frame

From a technical analysis point of view Solana (SOL) really needs to retest the $50 price level for the bulls to start taking over. If we can break through the resistance of the upper trendline on the ascending channel the technical price target would be $59.

I am feeling quite bullish at current price levels as I speculate these lower support ranges will attract existing and new holders for Solana (SOL). We can see that the relative strength index also reflects that each time we are oversold here we usually see a bullish reversal.

Solana Relative Strength Index

Solana-Usdt – 4 hour Time frame.

As we can see each green vertical line corresponds with oversold positions on the relative strength index. This also occurs when Solana (SOL) prints a swing-low to the support trendline of the ascending channel.

Should we see a repeat from the 3 previous data points, we could speculate that Solana (SOL) might pump 42% over the next few weeks. Of course, this very much depends on the sentiment of the crypto markets and what Bitcoin decides to do next.

Solana Crypto Video Analysis

Whilst the short-term price action for Solana Crypto (SOL) remains volatile, I am extremely bullish on the future of the Solana ecosystem and speculate massive growth by the next crypto bull run.

According to Coinmarketcap Solana Crypto (SOL) reached a $77.9 billion dollar market capital which is quite impressive. I would expect to see the $100 billion dollar levels surpass by 2030.

If you like the sound of Solana cryptocurrency it is available on eToro.

Cryptoassets are a highly volatile unregulated investment product.

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