The Solana price prediction is for the SOL/USDT to undergo a period of correction before continuing the uptrend. This is because, fundamentally speaking, the project has a lot of great things going for it at the moment. The expected correction is not an unexpected occurrence, given that the Solana price surged $90 after breaking above the bullish flag on the daily chart.
The long-term bullish outlook on the Solana price action got a boost today after the company announced it was launching a new messaging app known as Secretum.
Secretum is a blockchain-based solution to data leaks that have plagued conventional messaging platforms. Secretum also comes with a peer-to-peer trading suite that allows users to trade cryptos in a secure environment.
Products such as Secretum are expected to give fundamental backing to Solana, boosting Solana price predictions in the medium-term and long-term. The SOL/USDT pair is down 4.71% on the day.
Having attained the measured move’s completion point on the daily chart at 260.4, the correction appears to be on. Supporting this price picture is the potentially lower highs and the long bearish candle which has taken out the 234.76 support and violated the 219.21 price pivot. Confirmation of a breakdown of the latter opens the door for bears to charge towards 197.52. 186.61 forms an additional target to the south.
On the other hand, the bulls require a bounce and a follow-up move to the upside to get Solana going again.This move has to uncap 234.76 to open the door to retest the all-time high at 260.04. A break of this level establishes a new high, potentially at 259.80 (141.4% Fibonacci extension level).
Follow Eno on Twitter.
This post was last modified on %s = human-readable time difference 14:51