The market swings greatly affected Solana, causing its price to drop dramatically in just a few days. Despite the crypto market showing only slight improvement, Solana managed to bounce back and restore its top 5 cryptocurrency rankings within twenty-four hours. Currently, Solana is striving for a substantial price increase towards its monthly high.
In this blog, let us analyze the Solana price movements and what is coming next.
Solana (SOL) Price Analysis
On the 12th of April, Solana’s price began to decline rapidly. In a mere two-day span, the price dropped significantly from $164.41 to a weekly low of $123.99.
This autumn, the market value of SOL took a significant hit, resulting in shifts in its ranking on Coinmarketcap, a platform that lists cryptocurrencies according to their market capitalization.
Currently, Solana’s token has bounced back and ranks fifth among cryptocurrencies with a market capitalization of $62.9 billion. This comes after a 3.83% increase. The price of Solana is now at $140.75, attempting to rebound further. However, this is not its optimal position, as the token had previously reached a high of $155.48 before experiencing a decline in value.
Last month, Solana ruled the crypto market with escalating prices and heightened interest from the meme coin sector. However, the beginning of April saw a shift as prices took a nosedive by approximately 30%.
Solana Price Future Outlook
The signs point to Solana’s downturn coming to an end soon. According to chart analysis, this cryptocurrency may be on the verge of regaining its bullish momentum and potentially reversing its recent negative trend.
Crypto specialist Arthur Hayes has signaled that the slump is over and suggested a potential surge forward for Solana.
That was the dip. Now we rip.
What are we buying on the rebound fam?
— Arthur Hayes (@CryptoHayes) April 14, 2024
In a comparable manner, cryptocurrency experts Austin Arnold and James anticipate that Solana’s (SOL) value may reach around $360. Furthermore, they believe that SOL has the potential to hold over 3% of the entire market capitalization.
An analysis of Solana’s technical side suggests a potential reversal in its price trend, with the emergence of a rounded bottom pattern. This shift could mark the beginning of an uptrend due to growing buying demand for this cryptocurrency. In the coming days, we might witness the start of a new bullish phase for Solana.
Currently, Solana is nearly reaching the resistance point of approximately $151.76. If the current trend persists, the price of Solana could bounce back up to $170. However, if Solana cannot break through this resistance level, it may slide down further and potentially find support around $130.
Solana’s New Updates Might Lead The Bullish Rally
The network’s capacity for growth is realized as it begins implementing upgrades and resolving congestion problems to enhance performance. Not long ago, Solana unveiled Anza, its initial upgrade, addressing most congestion concerns and contributing to network stability.
Anza is just one aspect of a broader plan aimed at addressing network problems. It highlights the Agave Validator client modification that initiated preliminary repairs. Nevertheless, Anza does not provide a definitive resolution to this congestion challenge. The most significant enhancement may occur in the V1.18 update.
Conclusion
In simple terms, Solana has established itself as a top-performing cryptocurrency in the market. Following a setback, its bounce back was swift due to heightened buying demand within the past day. A significant reversal pattern, referred to as a rounding bottom, suggests an impending bull market for the token.
The upcoming Bitcoin halving could significantly impact Solana’s price, according to some analysts. They think this event may give Solana the boost needed to surpass its long-standing all-time high record, which it has failed to do for over two and a half years.
Read More Bitcoin Price Forecast Post Halving: Bullish or Bearish?
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- Breaking: Spot Ethereum ETF Trading Affirmed by US SEC
- Dogecoin (DOGE) on Rise? All You Need to Know This Week
- Terraform Labs Reveals Key Update On Crypto Loss Claims Voting
- USD PHP PREDICTION
- Major Dogecoin Downtrend Might Finally Be Over
2024-04-17 11:58