Wednesday, June 19, 2024

Solana Price Forecast: Weekly Close Suggests $135 in Sight.

During the middle of December 2023, the price of Solana (SOL) had a gain of 58%, and it has been stabilizing ever since. The SOL bulls, on the other hand, are most likely making a comeback, which is a hint that this upswing will continue.

Solana price is likely to fly next week.
There was a 38% drop in the price of Solana between the end of December 2023 and the beginning of January 2024, which resulted in a price range of $127.21 to $80.84. Following the sweep of the range low on January 22, SOL has continued to recover and is currently trading at a price that is higher than the range’s midpoint, which is $104.02.

If SOL is able to successfully flip this level, it may be able to retest the range high, which is now at $127. However, it is probably not going to stop here; rather, it is going to continue to rise and reach the weekly level at $135.70.

The bullish outlook on Bitcoin, which has caused Layer tokens such as Solana, Ethereum (ETH), Avalanche (AVAX), and others to climb, is a factor that is supporting this move. Furthermore, it appears that the Relative Strength Index (RSI) has reset at the overbought level, which is an indication that there is a possibility of a bounce.

There is no doubt that the forecast for the price of Solana is favorable; however, investors need to keep an eye out for the weekly closing that is higher than $104.02. It is possible that SOL will fall if this rejection occurs or if a bearish sweep occurs.

In the event that SOL transforms the $80.84 level into a resistance barrier, the bullish thesis will be found to be erroneous. In such a scenario, the price of Solana may plummet by twenty percent, reaching $64.18.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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