Solana Price Prediction: Is SOL Nearing a Breakout?

Summary:
• In the past few weeks, Solana's price has failed to establish a trend and instead has traded in a sideways market.

In the past few weeks, Solana’s price has failed to establish a trend and instead has traded in a sideways market. Today, despite Solana going up by less than a percentage point at press time, Solana looks to be set for the continuation of the choppy market where losses made in previous trading sessions are wiped out, and the pattern rinses and repeats over and over.

The current Solana price market struggle comes amidst increased concern about the network’s performance. On October 1st, Solana went offline, in what many believe to have been a result of a misconfigured node or a computer running Solana software necessary for the network to run being unavailable.

Unfortunately, the outage was a pattern that has continued to plague the network for more than a year, which has seen its performance degrade. Reports further indicate a high likelihood that two of its developers were posing as 11 other network developers. They could then double-count the total value locked on the platform, thereby giving an inflated figure.

Another issue that is likely to continue plaguing Solana is the current economic macros. The Solana co-founder, Anatoly Yakovenko, in a recent interview with Decrypt, has already acknowledged that the Fed-fueled crypto bear market could last for more than a year. Therefore, due to its significant correlation with the crypto industry trends, it is highly likely that we might continue to see Solana prices struggling. 

Solana Price Prediction

Today’s trading session shows Solana’s price is up by less than 0.1 per cent and is likely to drop based on intraday trading data. The chart also shows that Solana is in a long-term horizontal trend, with prices trading within a narrow price range of between $30 and $35. The Williams Alligator indicator also confirms the horizontal trend, with all its lines converging into narrow bands and shifting toward a horizontal direction.

Therefore, I expect Solana to continue trading sideways in the next few trading sessions. It is highly unlikely that we will see prices going below the $30 price level or above the $35 price range, Solana has traded for more than a week. A move below or above the price range will invalidate my analysis.

Solana Daily Chart