Solana

Parabolic

Vortex

Daily

Rise

<img width="1200" height="642" src="https://coingape.com/wp-content/uploads/2023/11/nFRLGCCy-e1701016962746.png" class="attachment-full size-full wp-post-image" alt="SOL price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Solana Price Prediction: The Solana (SOL) coin recovery has recently <a href="https://coingape.com/markets/key-levels-to-watch-as-solana-price-mode-from-68-barrier/">encountered a significant roadblock</a>, with its price stalling at the $67 mark amid growing uncertainty in the cryptocurrency market. This has resulted in a two-week correction, during which the SOL price decreased by 23%, testing the support level at $51.40. However, according to Fibonacci retracement levels, this correction remains within a ‘safety zone,’ suggesting that the bullish trend for this altcoin could likely resume. 
Also Read: <a href="https://coingape.com/solana-sol-makes-history-with-about-51m-surge-in-daily-transactions/">Solana (SOL) Makes History With About 51M Surge in Daily Transactions</a> 
<h2 id="b-a-healthy-retracement-may-prolong-recovery-b">A Healthy Retracement May Prolong Recovery</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Rounding bottom pattern governs a recovery trend in Solana price</li> 
 <li style="font-weight: 400;" aria-level="1">The falling price may find suitable support of $51 and $42.5.</li> 
 <li style="font-weight: 400;" aria-level="1">The 24-hour trading volume on the Solana coin is $793 Million, indicating a 34% loss.</li> 
</ul> 
<img decoding="async" class="alignnone" src="https://s3.tradingview.com/snapshots/n/nFRLGCCy.png" alt="Solana Price Prediction" width="1946" height="1041">Source-Tradingview 
The daily chart indicates that the <a href="https://coingape.com/price/solana/">Solana price</a> recovery is aligning with a rounding bottom pattern, a bullish indicator that often signifies sustainable growth and suggests that the asset may have established a solid bottom from which to reverse its trend.&nbsp; 
<blockquote>
 Following this pattern, and aided by a broader market recovery, the SOL price began to regain momentum from mid-October, bouncing back from the $20 mark. This recovery saw the coin price rally by nearly 225% over five weeks, reaching a high of $67.43.&nbsp;
</blockquote> 
However, the price faced a reversal at this point, coinciding with a significant sell-off in the market. Notably, during its ongoing rally, the SOL price has experienced several such pullbacks, typically retracing to the 38.2% or 50% Fibonacci levels.&nbsp; 
Currently, the Solana coin is trading around $57, and as long as it maintains above the 50% Fibonacci level (around $42), there remains an opportunity for a bullish resurgence. If the bullish trend does resume, the prices could potentially ascend towards targets of $78.2, followed by $100 and $121.75. 
<h2 id="strong-steady-rise-in-active-address-strong">Steady Rise in Active Address</h2> 
<img decoding="async" class="aligncenter wp-image-166142 size-full" src="https://coingape.com/wp-content/uploads/2023/11/image_2023-11-26_22-04-19.png" alt="active addresses in the Solana network" width="726" height="508" srcset="https://coingape.com/wp-content/uploads/2023/11/image_2023-11-26_22-04-19.png 726w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-26_22-04-19-300x210.png 300w, https://coingape.com/wp-content/uploads/2023/11/image_2023-11-26_22-04-19-150x105.png 150w" sizes="(max-width: 726px) 100vw, 726px">Source- TheBlock 
Despite a correction phase in the price behavior, the active addresses in the Solana network show Parabolic growth. According to on-chain data from ‘The Block,’ the number of active addresses has reached a six-month high of 444.48k. This higher number of active addresses indicates growing interest and participation in the Solana ecosystem and the demand for SOL tokens in the long term. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Vortex indicator: A bearish crossover between the VI+ And VI- slopes accentuate a correction mode is active.</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> slope offers strong pullback support to buyers.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/solana-price-prediction-can-sol-reach-100-by-year-end/">Solana Price Prediction: Can $SOL Recovery Reach $100 by Year End?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Solana Price Prediction: Can $SOL Recovery Reach $100 by Year End?

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