Solana (SOL) Price Prediction: Will SOL Keep Soaring?

The technical chart displayed that the SOL price departed from the demand zone and headed for the supply zone. After a strong bullish trend, the Solana crypto price seemed stuck in a parallel channel on top.

Solana price displayed a departure from the demand zone on the technical chart, heading towards the supply zone. After a strong bullish trend, the Solana crypto price appeared to be stuck in a parallel channel on the higher side.

The price has been defending the $125 mark since March. On the contrary, the SOL price has tried to breach the $200 hurdle twice but failed.

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According to the chart, the buyers managed to lift the price to the last swing high. The recent bullish momentum indicated the buyers’ eyes on the $200 mark.

At the time of writing, the SOL price was trading at $179.64 with an intraday loss of 2.73%. Its market capitalization was $83.37 Billion, and the 24-hour trading volume was $3.59 Billion.

Will There Be A Massive Upsurge After Pullback?

$SOLSub $167 is where I'll look to long.

I understand it's been strong, understand I may not get the pullback I'm looking for, but I can only trade good setups, no FOMO. If I just don't get an entry for the 2nd half of July, so be it lol luckily past few months been amazing. pic.twitter.com/or2SE8Fbal

A source on X claims that the Solana crypto price could shoot up after a pullback. According to the source, it might be good to enter for long at $167 for a sharp move. There is no need to enter FOMO if the price keeps surging without a pullback.

Solana Coin Price Technical Analysis on 1-D Timeframe

After taking support from the crucial levels, the Solana coin price moved to the $200 mark. If the buyers remain strong, the price could approach the $200 mark in the coming sessions.

If the price reaches the $200 mark and forms any bearish candlestick pattern, a short-term profit booking could be expected. As per the technical chart, the sellers appeared strong, and profit booking might occur in this zone.

On the other hand, if the SOL price manages to breach the supply zone, the buyers might gain confidence. If the SOL price triggers a breakout after the consolidation phase, intense buying pressure could be generated.

Assuming the trading volume also increases at the time of the breakout, the buyers could aim for a new all-time high.

According to the technical indicators, the histograms remained green even during the consolidation phase. MACD displayed a golden crossover, and the Signal line crossed above the Zero line.

At the time of writing, the Solana price was trading above the key moving averages, indicating a bullish outlook.

Will Solana Price Continue Soaring?

The SOL price displayed strong bullish momentum at press time. The potential for SOL to breach the $200 hurdle was quite evident, especially considering the recent surge in price and trading volume.

If the price fails to sustain above that level, a short-term profit booking may indicate strong selling pressure at that level. On the other hand, a breakout and a sustained surge in trading volume beyond the supply zone could generate intense buying pressure and drive the SOL coin price towards a new all-time high.

Technical Levels

The SOL price is expected to face resistance at the $200 and $240 mark. The price might take support at the $155 and $125 levels.

This article is intended for informational purposes only and does not provide financial, investment, or any other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please conduct your own research before making any financial decisions.