Convergence

Rally

Solana

Coinbase Stock

Divergence

Solanap price prediction: SOL has embarked on an impressive trajectory in recent weeks, showcasing a robust bullish trend on its chart. Currently, the digital currency hovers just above the significant resistance level of $100. This comes after witnessing a series of bullish days. As of the latest updates, <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana’s price</a> is $106. This reflects a slight dip of over 3% within the past 24 hours.
<h2 id="span-style-font-weight-400-solana-price-prediction-navigating-through-market-volatility-span">Solana Price Prediction: Navigating Through Market Volatility</h2>
On a broader scale, the cryptocurrency market has experienced a substantial upswing. Bitcoin, for instance, has consistently traded above the $50,000 mark throughout the week. This surge in <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin’s</a> value has affected many altcoins, including SOL. The altcoin has been actively trading within a bullish range of $105 to $112.
<figure id="attachment_181033" aria-describedby="caption-attachment-181033" style="width: 100%" class="wp-caption aligncenter"><a href="https://coingape.com/wp-content/uploads/2024/02/Solana-price-prediction-3-e1708182163719.png" rel="noopener noreferrer nofollow"><img decoding="async" class="size-large wp-image-181033" src="https://coingape.com/wp-content/uploads/2024/02/Solana-price-prediction-3-1224x502.png" alt="Solana price prediction" width="1224" height="502"></a>
 <figcaption id="caption-attachment-181033" class="wp-caption-text">
 Solana price prediction
 </figcaption>
</figure>
However, Solana’s trading volume has significantly declined, dropping to $1.62 billion over the past 24-hours. Despite this decrease in trading activity, Solana’s market capitalization has soared to approximately $47 billion. This surge has elevated Solana to the fifth-largest cryptocurrency by market cap.
Despite the optimistic trend, market analysts about a potential increase in Solana’s value. Nonetheless, the investor community remains keen on capitalizing on long positions, anticipating a rebound in its price. This optimism persists even amid Solana’s recent lackluster performance in the market.
<h2 id="span-style-font-weight-400-solana-price-prediction-future-outlook-and-market-sentiment-span">Solana Price Prediction: Future Outlook and Market Sentiment</h2>
If the current upswing in <a href="https://coingape.com/markets/solana-price-prediction-why-buying-sol-is-a-steal-as-breakout-to-140-beckons/" rel="noopener noreferrer nofollow">Solana’s</a> market value continues to gain momentum, SOL could see the digital asset aiming for the $120 resistance level. If this bullish trend maintains its course, the prospect of Solana hitting the $130 mark becomes increasingly plausible, marking a noteworthy rebound in its market dynamics.&nbsp;
On the downside, failure to overcome this critical threshold could trigger a downward spiral. In such a scenario, the $90 level stands out as a crucial support zone for Solana, potentially facing scrutiny in the event of sustained bearish pressure.
The Moving Average Convergence Divergence (MACD) indicator currently exhibits a bullish signal, with its trajectory edging above the signal line. A green histogram on the MACD underscores a rising buying interest despite minor bearish undertones.
<figure id="attachment_181035" aria-describedby="caption-attachment-181035" style="width: 100%" class="wp-caption aligncenter"><a href="https://coingape.com/wp-content/uploads/2024/02/SOLUSD_2024-02-17_18-05-57.png" rel="noopener noreferrer nofollow"><img decoding="async" class="size-full wp-image-181035" src="https://coingape.com/wp-content/uploads/2024/02/SOLUSD_2024-02-17_18-05-57.png" alt="Solana price chart: Tradingview" width="1154" height="652" srcset="https://coingape.com/wp-content/uploads/2024/02/SOLUSD_2024-02-17_18-05-57.png 1154w, https://coingape.com/wp-content/uploads/2024/02/SOLUSD_2024-02-17_18-05-57-300x169.png 300w, https://coingape.com/wp-content/uploads/2024/02/SOLUSD_2024-02-17_18-05-57-768x434.png 768w, https://coingape.com/wp-content/uploads/2024/02/SOLUSD_2024-02-17_18-05-57-150x85.png 150w" sizes="(max-width: 1154px) 100vw, 1154px"></a>
 <figcaption id="caption-attachment-181035" class="wp-caption-text">
 Solana price chart: <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/chart/PpwAwjR5/?symbol=COINBASE%3ASOLUSD">Tradingview</a>
 </figcaption>
</figure>
The Relative Strength Index (RSI), resting near the 50 threshold, portrays a market in equilibrium. The Average Directional Index (ADX) further affirms this neutral stance, which hints at a short-term bearish inclination. Meanwhile, the positioning of the 20 Exponential Moving Average (EMA) above its 50-EMA counterpart suggests that Solana could be on the brink of further advances, bolstering the optimistic sentiment surrounding its market presence.
Related Articles
<ul>
 <li style="font-weight: 400;" aria-level="1"><a href="https://coingape.com/markets/5-altcoins-to-buy-likely-to-outperform-bitcoin-in-2024/" rel="noopener noreferrer nofollow">5 Altcoins To Buy Likely To Outperform Bitcoin In 2024</a></li>
 <li style="font-weight: 400;" aria-level="1"><a href="https://coingape.com/markets/crypto-market-prediction-btc-52k-eth-xrp-doge-today-feb16th/" rel="noopener noreferrer nofollow">Crypto Market Prediction as BTC Rally Stalls at $52k: ETH, XRP, DOGE Analysis For February 16th</a></li>
 <li style="font-weight: 400;" aria-level="1"><a href="https://coingape.com/markets/whats-next-for-coinbase-stock-coin-price-surged-63/" rel="noopener noreferrer nofollow">What’s Next for Coinbase Stock ($COIN) After Price Surged 63% Within Fortnight?</a></li>
</ul>
The post <a href="https://coingape.com/markets/solana-price-prediction-sol-pullback-to-106-is-an-opportunity-to-buy-the-dip/" rel="noopener noreferrer nofollow">Solana Price Prediction: SOL Pullback To $106 Is An Opportunity To Buy The Dip</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana Price Prediction: SOL Pullback To $106 Is An Opportunity To Buy The Dip

Table of Contents

Coingape News Media

Other articles published on Feb 17, 2024

Solana (SOL) holders see huge potential in lending giant Kelexo (KLXO) presale as Binance Coin (B...

New Streaming Platform Deestream (DST) Gains Investor’s Confidence As Bitcoin (BTC) & Bitcoin Cas...

Bitcoin Miner Sell-Off Looms as Market Dynamics Shift

BlockDAG Emerges as Investors’ Choice, Raises $1M In 24 Hours While Bitcoin Rises And Ethereum ET...

Mengapa ETF Bitcoin Jadi Primadona Baru Investor, Bikin Emas Kehilangan Kilau?

Shiba Inu Coin’s Burn Rate Rises Slightly as Community Efforts Intensify

Join our free newsletter for daily crypto updates!