The Solana price prediction remains guarded, even as the price action on the daily chart continues to trade sideways, bordered by 150.24 above and 129.87 below. The range-bound price action is a stall in the correctional move, which started with a pinbar on 27 December 2021.
JP Morgan provided some insight into its thoughts on who the leader in the NFT space is. The bank believes that Solana is the next big thing, ahead of Ethereum even as the latter’s market share dipped from 95% to 80% in one year. Low gas fees and far less congestion are two selling points Solana has brought to the table.
However, Solana is still facing downside risks, mainly from the sentiment around the crypto market and not from its fundamentals, which remain very good. The SOL/USDT pair is down 2.73% on the day.
The SOL/USDT pair continues to trade in a range. However, the price action is set to make another attempt to break down the 129.87 support line, previously tested on 10 January. A breakdown of this level opens the door for the bears to aim for 116.40 (21 September low), before 97.04 comes into the picture as a new downside target if the price deterioration continues.
On the flip side, a bounce off the 137.54 support allows the bulls to retest the 150.24 price mark, which currently serves as the range’s ceiling. A successful uncapping of this level brings in 168.46 into the picture, while 186.61 and 197.52 lie in wait as potential targets if the price recovery continues further.
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This post was last modified on Jan 19, 2022, 17:35 GMT 17:35