Solana Price Prediction: Why SOL’s near-term is looking favorable

Saif Naqvi
Source: exodus

Solana near-term looked positive after trading at the confluence of its 200-SMA (green) and a defensive region around $138. An oversold RSI and a potential bullish crossover on the MACD were expected to dictate buying behavior. However, gains could be limited until the 20 and 50 SMA’s are flipped to bullish. At the time of writing, SOL traded at $140.7, up by 2% over the last 24 hours.

Solana Daily Time Frame

Source: TradingView

Solana’s bull run was last observed between September-November 2021, where the coin racked up a 122% surge and hit a new ATH at $260. Since then, two lower highs have formed at $242 and $206, with SOL bulls unable to recreate a prolonged uptrend within a sluggish broader market.

Having said that, a third higher low can be underway. SOL’s was trading close to its daily 200-SMA (green) and a support line of $138.6, both of which were expected to generate upwards momentum. The third lower high could form anywhere between $152-$168 but an extension above this zone would be tricky due to the daily 20-SMA (red). Even if SOL does manage to extend legs above $168, sellers would likely hit back at the 50-SMA (yellow) and $180-resistance.

Should SOL dip beneath its 200-SMA (green), a support zone between $116-$125 would offer the best chance at an immediate reversal. If no pushback is observed, sellers can bust the market wide open.


An oversold daily RSI did prompt a reversal moving forward. However, gains would be limited due to the presence of a resistance trendline. Bulls would have to overcome the trendline to lay the foundations for an uptrend.

A buy signal was around the corner on the MACD as well. The index’s fast-moving line (blue) was catching up to the Signal line (orange), paving way for a bullish crossover. However, a prolonged recovery would be stretched and gains would be limited to the equilibrium mark.


SOL’s near-term does look favorable and traders can set up buy orders at its press-time level. However, there were plenty of other uncertainties and traders should be reasonable with their take-profits. On the other hand, shorting would be a better call if SOL does slip below its daily 200-SMA.