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Sunday, June 23, 2024

Solana Price Prediction: Will SOL reach 300$ in 2024 – Technical Analysis

Solana Price Prediction: Amid the current indecisiveness in the crypto market, the Solana price entered a new correction phase after reverting from the 2023 high of $126.36. Within a week, the altcoin’s value dropped 26% to find suitable support at the $96-$100 mark. This support coinciding with the 23.6% Fibonacci Retracement level creates a suitable platform for buyers to regain strength for the next leap.

Is Solana Price Heading to $300?

  • The Solana price forms a narrow range above $100 to find stability amid correction.
  • With a strong fundamental and technical outlook, the SOL price will likely surpass the $150 mark.
  • The 24-hour trading volume on the Solana coin is $1.19 Billion, indicating a 19% gain.

Technical Analysis of SOL (Jan 2023)

Pivot, Resistance, and Support Levels

Calculation For Trading:

Resistance Level (R3): 102.664
Resistance Level (R2): 99.587
Resistance Level (R1): 94.428
Pivot Point: 91.352
Support Level (S1): 86.193
Support Level (S2): 83.116
Support Level (S3): 77.957

Moving Average of SOL – Solana Price Forecast Jan 2024 (Charting at 4H)

As per the chart above, Simple Moving Averages (SMA) are used with length 50 and 100. SMA 50 can be seen as a green line in the above chart, whereas SMA 100 is Red. As per the technical analysis of Solana coin, we can see that SMA 100 is crossing over SMA 50 which means the price of Solana will be experiencing a decline for a while.

Also Read: Shiba Inu Price Forecast: Will SHIB go above $0.05 – Technical Analysis

Relative Strength Index (RSI) of SOL – Solana Price Forecast Jan 2024 (Charting at 4H)

About RSI Analysis

MACD of SOL – Solana Price Forecast Jan 2024 (Charting at 4H)

About MACD

As per MACD chart analysis of the Solana, we can see that MACD blue line is going down the signal orange line that means solana coin price will decrease according the MACD analysis.

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