Ethereum

Rally

Solana

Bitcoin

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/12/jP3wARjq-e1702749230485.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: In the last two months, the Solana price has witnessed an <a href="https://coingape.com/markets/solana-price-prediction-3-catalysts-propelling-sol-towards-100/">aggressive recovery</a>, where the price surged from $21 to a new year high of $79.5, accounting for 279% growth.&nbsp; while the current uncertainty in the crypto market has created some disturbance in SOL price recovery, the emergence of a rising wedge pattern continues to bolster a bullish trendline. Here’s how this pattern could shape the near future trend of this asset. 
Also Read: <a href="https://coingape.com/solana-flips-ethereum-dex-volume-as-saga-mobile-gets-sold-out-bonk-price-rally/">Solana Flips Ethereum DEX Volume As Saga Mobile Gets Sold Out &amp; BONK Price Rally</a> 
<h2 id="b-is-100-within-reach-b">Is $100 Within Reach?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Until the rising wedge pattern is intact, the SOL price recovery will continue to higher</li> 
 <li style="font-weight: 400;" aria-level="1">An upside breakout from the wedge pattern will intensify the buying pressure.</li> 
 <li style="font-weight: 400;" aria-level="1">The 24-hour trading volume on the Solana coin is $2.01 Billion, indicating a 30% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/j/jP3wARjq.png" alt="Solana Price Prediction" width="1946" height="1105">
 <figcaption class="wp-caption-text">
 Solana Price Prediction| TradingView Chart
 </figcaption>
</figure> 
Despite the short-term price action being full of turbulence, the <a href="https://coingape.com/price/solana/">Solana price</a> sustains an overall uptrend. With the bullish run in SOL price crossing the $75 mark, the buyers are ready to signal a new breakout at $80.&nbsp; 
<blockquote>
 Furthermore, the high-intensity buying pressure in Solana helps the altcoins fly above the recent correction in Bitcoin. In the daily chart, the coin price action also forms a rising wedge pattern as two opposite trendlines taper the SOL price movement.&nbsp;
</blockquote> 
With a failed V-shaped recovery attempt from buyers to surpass $76, bears take the opportunity and tease a double top. The neckline of this bearish pattern stands at $63.6 and warns of a correction phase with a huge impact. 
In case the sellers gain momentum, the downtrend will result in a 30% fall to $51.&nbsp; 
<h2 id="strong-rounding-bottom-pattern-keeps-recovery-intact-strong">Rounding Bottom Pattern Keeps Recovery Intact</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/b/BvqVPVk2.png" alt="Solana Price Prediction TradingView Chart" width="1946" height="1105">
 <figcaption class="wp-caption-text">
 Solana Price Prediction| TradingView Chart
 </figcaption>
</figure> 
The recovery trajectory of the Solana price in the weekly chart forms a <a href="https://coingape.com/glossary/rounding-bottom-pattern/">rounding bottom pattern</a> with the buying pressure on the rise. According to the rise in trading volume supporting the reversal, the long-term trend teases a strong move upward.&nbsp; 
Further, the long-term reversal pattern trumps the rising wedge in daily charts and signals an overall bullish trend for Solana. Therefore, the bullish break of $80 will mark a strong bullish trend potentially crossing the psychological mark of $100.&nbsp; 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponentially moving: The 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> acts as a safety net for buyers amid a correction trend.</li> 
 <li style="font-weight: 400;" aria-level="1">Relative strength index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> slope shows an uptick above 60% reflecting the recovery trend is intact.</li> 
</ul> 
The post <a href="https://coingape.com/markets/solana-price-prediction-as-sol-hit-yearly-high-at-79-55/">Solana Price Prediction As $SOL Edge Close To A 30% Breakout Rally</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana Price Prediction As $SOL Edge Close To A 30% Breakout Rally

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