Solana Price Prediction: Is SOL Set for the Next Bullish Move?

Summary:

Solana's price has recovered by 15 per cent in the past three trading sessions after a tough few weeks that had resulted in a 37 % drop.

Solana’s price has recovered by 15 per cent in the past three trading sessions after a tough few weeks that had resulted in a 37 per cent price drop since August 14.

For the past few weeks, Solana’s price has traded in tandem with other cryptocurrencies, whose prices have also been in free fall. Today, with the cryptocurrency industry recovering from its recent bear market and market capitalization returning to over $1 trillion, Solana’s price has also seen its prices surge due to its positive correlation with the industry.

Another reason that may be behind the recent price recovery in the market is the continued adoption of the Solana blockchain. Earlier this month, it was reported that Helium was considering migrating to the Solana ecosystem due to its network scalability. The logic behind the migration of one of the fastest-growing cryptocurrencies has become one of the biggest motivations for other projects to develop on the Solana ecosystem, which has seen it grow to become the 9th largest blockchain project by market capitalization.

Solana Price Prediction

Looking at the chart below, Solana’s price has trended upwards for the past two consecutive days. Today, with prices surging by 4 per cent and extending the long-term bullish trend, it is likely that were are at the onset of a bullish price reversal.

Therefore, my Solana price prediction expects the current bullish trend to continue, with a likely price level of $37.11, which is at the 50 per cent retracement level. If the current trend is able to break out of the retracement level to the upside, then the bullish trend reversal will have been confirmed. We will likely see Solana moving aggressively upwards to hit the $43.3 resistance level.

My analysis will only be invalidated by Solana dropping to the 23 per cent retracement level on the chart below. At that point, it will signal that the bearish trend has resumed.