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Solana Price Prediction: The second half of March saw significant volatility across major cryptocurrencies, including Solana. The Bitcoin price corrected sharply to $60,000, only to rebound above $70,000 within a fortnight, contributing to a sense of unpredictability among market participants. However, despite this consolidation, the <a href="https://coingape.com/markets/solana-price-forecast-260-ath-on-the-horizon-as-sol-nears-200/" rel="noopener noreferrer nofollow">SOL price</a> displays an opportunity to drive a directional rally with the formation of a bullish pennant pattern.&nbsp;
Also Read: <a href="https://coingape.com/markets/5-solana-rivals-set-to-double-in-value-before-bitcoin-halving-in-april/" rel="noopener noreferrer nofollow">5 Solana Rivals Set To Double In Value Before Bitcoin Halving In April</a>
<h2 id="b-solana-dexs-hit-record-50-billion-volume-amid-market-correction-b">Solana DEXs Hit Record $50 Billion Volume Amid Market Correction&nbsp;</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/s/S7XLAQkt.png" alt="BINANCE:SOLUSDT Chart " width="1946" height="937">
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 Solana Price Prediction| Tradingview
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Amid the recent market correction, the <a href="https://coingape.com/coinbase-news-solana-shadow-rallies-54-neon-soars-23-amid-new-listing/" rel="noopener noreferrer nofollow">Solana coin</a> rally reverted from the $210 barrier, shifting the price trajectory sideways in a 4-hour chart. The consolidation bouncing off two converging trendlines indicates the formation of a technical chart pattern called a pennant.&nbsp;
This bullish continuation pattern occasionally develops in an established uptrend to provide buyers a breather to recuperate bullish momentum. The SOL price currently trades at $181 and with an intraday loss of 5% it’s heading to the pattern’s lower trendline. With a market cap of $80.5 Billion, the Solana coin sustains its position as the fifth-largest cryptocurrency.
In a recent analytical highlight from SolanaFloor, the decentralized exchanges (DEXs) on the Solana blockchain have achieved a remarkable milestone, with trading volumes surpassing $50 billion, marking a new all-time high for monthly activity.&nbsp;
This surge represents an impressive 126% growth from the previous month, indicating a significant increase in liquidity and trader interest within the Solana ecosystem.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> BREAKING BIG: <a href="https://twitter.com/solana?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@solana</a> DEXs volume exceeds $50 billion, a new monthly all-time high.
 Growth: 126% Volume up from last month: $28.62 billion <a href="https://t.co/WjZo2hnPgg" rel="noopener noreferrer nofollow">pic.twitter.com/WjZo2hnPgg</a>
 — SolanaFloor | Powered by Step Finance (@SolanaFloor) <a href="https://twitter.com/SolanaFloor/status/1771900031387177085?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 24, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Also Read: <a href="https://coingape.com/markets/bitcoin-ethereum-eye-new-highs-pre-halving-this-solana-based-meme-coin-could-double/" rel="noopener noreferrer nofollow">Bitcoin, Ethereum Eye New Highs Pre-Halving, This Solana-Based Meme Coin Could Double</a>
<h2 id="b-solana-at-a-crucial-junction-within-pennant-pattern-b">Solana at a Crucial Junction Within Pennant Pattern</h2>
Amid broader market recovery, the <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana price</a> is better positioned to break the upper boundary of the pennant pattern formation. A successful breakout will signal the continuation of the recovery trend and bolster buyers to chase the potential target of $240, followed by $285.
On a contrary note, a breakdown from the triangle support will prolong the SOL coin correction below the $150 mark.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li aria-level="1">Exponential Moving Average: The 100 <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> slope of the 4-hour chart provides suitable pullback support for crypto buyers.</li>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: A notable downturn in the ADX slope reflects the over-extended rally of Solana price cooled down from the last correction trend.</li>
</ul>
The post <a href="https://coingape.com/markets/solana-price-prediction-sol-close-to-25-rally/" rel="noopener noreferrer nofollow">Solana Price Prediction As $SOL Edge Close to a 25% Breakout Rally</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana Price Prediction As $SOL Edge Close to a 25% Breakout Rally

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