Convergence

Rally

Solana

Spot

Divergence

Solana price prediction: SOL has witnessed a generally upward momentum in its trading performance over the recent month, indicating a bullish sentiment among investors. The price of Solana (SOL) has formed consecutive bearish candlesticks weekly but managed to secure a closing price above the $100 mark. In the latest 24-hour trading period, <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana price </a>has increased by 2%, pushing the price to $104.
Looking at the weekly chart, SOL’s price trajectory shows a rebound from a low point of $79 in January. The subsequent weeks have seen a formation of bullish candlesticks, propelling the price to a peak of $119. Currently, Solana holds a strong market capitalization, standing at $45 billion, which ranks it as the fifth-largest digital currency in market size. However, there’s been a slight 8% decrease in trading volume, amounting to $2 million over the last day.
<h2 id="strong-solana-price-prediction-navigating-symmetrical-triangle-strong">Solana Price Prediction: Navigating Symmetrical Triangle</h2>
The trend direction appears ambiguous in the daily time frame due to mixed price movements and an uncertain wave pattern. SOL has been trading within a symmetrical triangle since reaching its peak in 2023. This pattern is typically seen as neutral, suggesting that future price movements could either break upwards or downwards.
<figure id="attachment_182006" aria-describedby="caption-attachment-182006" style="width: 100%" class="wp-caption aligncenter"><a href="https://coingape.com/wp-content/uploads/2024/02/Solana-price-prediction-4.png" rel="noopener noreferrer nofollow"><img decoding="async" class="wp-image-182006 size-large" src="https://coingape.com/wp-content/uploads/2024/02/Solana-price-prediction-4-1224x552.png" alt="Solana Price Prediction: SOL Could Rally To $120 If Bulls Clear Key Barrier" width="1224" height="552"></a>
 <figcaption id="caption-attachment-182006" class="wp-caption-text">
 Solana price prediction
 </figcaption>
</figure>
SOL’s market landscape in February 2024 reveals a positive trend, with the cryptocurrency marking an upward path. However, over the past week, SOL has seen a decline exceeding 9%. Solana’s price has fluctuated, ranging from $114 to $103, initially hitting the resistance level at $114 before descending to the support level at $103.
The focus within the crypto community has largely been on<a rel="noopener noreferrer nofollow" href="https://www.youtube.com/watch?time_continue=92&amp;v=eXZNrqvbHQg&amp;embeds_referring_euri=https%3A%2F%2Fwww.ethnews.com%2F&amp;source_ve_path=MjM4NTE&amp;feature=emb_title"> Solana (SOL</a>) Total Value Locked (TVL), particularly in light of its recovery efforts after the FTX debacle. Data from <a rel="noopener noreferrer nofollow" href="https://defillama.com/chain/Solana">DefiLlama</a> indicates a steady rise in Solana’s TVL since October 2023, achieving a significant breakthrough in December by recording a TVL of roughly $2.069 billion, marking its highest in over a year.
However, a recent dip to around $1.9 billion in its TVL suggests challenges in sustaining the growth momentum previously witnessed. This TVL fluctuation is pivotal for evaluating Solana’s enduring appeal and stability as a platform for decentralized finance (DeFi).
<h2 id="strong-technical-indicators-favor-a-bullish-outlook-for-solana-strong">Technical Indicators Favor a Bullish Outlook for Solana</h2>
The bullish momentum within the Solana market is intensifying, signaling a potential push toward the $100 resistance barrier. Achieving and sustaining this upward trend could quickly elevate Solana to the $120 threshold, signaling a robust recovery and strength. Conversely, a setback at this resistance could precipitate a downturn, with the $90 mark poised to be a vital support level for <a href="https://coingape.com/markets/solana-price-analysis-sol-dips-below-110-as-bearish-trends-emerge-what-comes-next/" rel="noopener noreferrer nofollow">SOL</a>.
The Moving Average Convergence Divergence (MACD) indicator underscores the bullish sentiment as the MACD line surpasses the signal line. Additionally, a green histogram within the MACD suggests an uptick in buying activity, hinting at a positive trajectory for growth.
<figure id="attachment_182005" aria-describedby="caption-attachment-182005" style="width: 100%" class="wp-caption aligncenter"><a href="https://coingape.com/wp-content/uploads/2024/02/SOLUSD_2024-02-22_21-01-22.png" rel="noopener noreferrer nofollow"><img decoding="async" class="size-full wp-image-182005" src="https://coingape.com/wp-content/uploads/2024/02/SOLUSD_2024-02-22_21-01-22.png" alt="Solana Price Prediction: SOL Could Rally To $120 If Bulls Clear Key Barrier" width="1154" height="622" srcset="https://coingape.com/wp-content/uploads/2024/02/SOLUSD_2024-02-22_21-01-22.png 1154w, https://coingape.com/wp-content/uploads/2024/02/SOLUSD_2024-02-22_21-01-22-300x162.png 300w, https://coingape.com/wp-content/uploads/2024/02/SOLUSD_2024-02-22_21-01-22-768x414.png 768w, https://coingape.com/wp-content/uploads/2024/02/SOLUSD_2024-02-22_21-01-22-150x81.png 150w" sizes="(max-width: 1154px) 100vw, 1154px"></a>
 <figcaption id="caption-attachment-182005" 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>
On the daily chart, the Relative Strength Index (RSI) hovers around the critical 49 mark, suggesting a bullish outlook in the near term despite the neutral level. Furthermore, positioning the 20 Exponential Moving Average (EMA) above the 50-EMA is traditionally viewed as an indicator of potential upcoming advances, offering a hopeful outlook for Solana’s market performance.
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The post <a href="https://coingape.com/markets/solana-price-prediction-sol-could-rally-to-120-if-bulls-clear-key-barrier/" rel="noopener noreferrer nofollow">Solana Price Prediction: SOL Could Rally To $120 If Bulls Clear Key Barrier</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana Price Prediction: SOL Could Rally To $120 If Bulls Clear Key Barrier

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