This SOL price prediction article will show the key metrics that we’ve considered while creating our analysis. It is purely based on technical analysis.
Solana (SOL) took the crypto market by storm when it smashed its ATH price earlier this year. So far, it has seen significant growth. SOL’s impressive +8113% increase shows just how promising it is as an investment opportunity for 2021.
In this price analysis and prediction, we look at the cryptocurrency’s performance to reach $400. But before that, let us learn more about “what is Solana (SOL)?” We will cover its current position in the market to get an idea of its value after making some changes due to volatility in crypto prices over time.
What is Solana (SOL)
Solana is an innovative blockchain network that develops products and services powered by cryptocurrency. It is like Ethereum in functionality. Yet, it differs by offering faster transaction times, lower fees, and more flexible programming.
Furthermore, the Solana network utilizes proof-of-history consensus. Thus, creating records that are useful in tracking and proving historical events.
The Solana network is a blockchain that has its native cryptocurrency, SOL tokens. These are rewards to the community members on the platform and can be bought from various exchanges such as Binance, OKEx, and VCC Exchange!
Solana Market Position
Solana is an exciting crypto project that has given impressive returns in the past few months. For this reason, the crypto was able to remain among the top cryptocurrencies in CoinGecko.
This is an exciting time for cryptocurrency investors. The possibilities are endless, with a market cap of $54,066,327 million and a 24-hour trading volume of almost $9 billion!
With that background on SOL cryptocurrency, Are you interested in investing in SOL? If it gives you an adrenaline rush, walk with me to analyze the price prediction.
Solana (SOL) Price Analysis 2021
While SOL holds 7th place on CoinMarketCap, will their latest updates help them rise further? Let’s look at some charts in this article to find out!
The bullish Ascending Channel pattern of Solana is shown in the above daily frame chart. The graph shows that they could defend against bears early on, which was a positive thing for them as it went up from there!
Solana’s bullish market is looking great, and we’re hoping it reaches its resistance level soon. If this happens, you can expect to see a lot of action as the crypto will probably go beyond that point and match its target price!
If the bulls attack the crypto, SOL’s price may fall. In other words, it might break out of its rising pattern and dive to a bearish position. This shows that consolidation could have caused either a breakdown or breakout event for the price.
The most important thing to note with the output is that a lower trendline breakdown shows new bearish trends. And break out of upper trendlines signals start for bullish activities.
As indicated above, SOL turned from its bear to bull trend on the first days of the month. This is due to a high trade volume that occurred in those few trading hours.
According to the Relative Strength Index (RSI), you can confidently trade SOL at level 91.70 because it is in an overbought state according to the Relative Strength Index (RSI).
The wild swings of the crypto market are unpredictable, but traders can avoid unexpected losses by trading wisely.
Take a look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of SOL.
SOL has seen many bullish moves since the start of 2021. These are followed by fluctuations, consolidation, and corrections right away; this makes SOL competitive in its market for 2021
Solana (SOL) Price Prediction 2021
The SOL price chart shows that the coin has performed well over the past few days. However, bulls are signaling a bullish trend, which might break its $379 resistance level and go even higher!
On the other hand, if investors don’t like crypto markets in general, bears might step into play and pull SOL down to almost $67.89–a bearish signal.
SOL is expected to hit its all-time high this year. Meanwhile, our long-term price prediction 2021 is bullish and has a good chance of surpassing the current ATH at about $194.82 if it breaks many psychological resistance points along the line.
The future is bright for SOL. With the ongoing happenings within the SOL ecosystem and in crypto as a whole. We might finally see them reach new heights by 2021.