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Solana Price Prediction as SOL Pushes Toward $170 – $1,000 SOL Possible By June?

19.05.2024
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Solana

Solana (SOL) is trading at $172.84, down 0.53% in the last 24 hours, with a 24-hour trading volume of $2.19 billion. Ranked #5, Solana has a market cap of $77.59 billion and a circulating supply of 448.92 million SOL coins.

This Solana price prediction examines whether SOL can maintain its push toward $170 and potentially reach $1,000 by June.

Solana Price Prediction

Solana‘s 4-hour chart highlights the pivot point at $171.79, which is critical for Solana’s near-term price action. Immediate resistance is identified at $176.66, followed by $183.26 and $188.53.

On the downside, immediate support is found at $165.72, with further support levels at $156.75 and $151.08. The Relative Strength Index (RSI) stands at 73, indicating overbought conditions.

The 50-day Exponential Moving Average (EMA) is positioned at $155.79, supporting the overall uptrend.

The upward channel supports the current bullish trend, but resistance is emerging around the $175 mark. The trendline extending through this level indicates a potential barrier to further price gains.

Solana Price Prediction
Solana Price Prediction

On the lower side, the $171.79 pivot point is crucial, acting as immediate support. If Solana maintains its position above this pivot point, it could support continued upward momentum.

However, a break below $171.79 could trigger a sharp selling trend, pushing the price towards the next support levels at $165.72, $156.75, and $151.08. The market’s reaction to these key levels will be vital in determining the near-term direction of Solana’s price.

In conclusion, Solana’s technical outlook remains bullish as long as it stays above the $171.79 pivot point. The immediate resistance at $176.66 will be the first hurdle to overcome, followed by $183.26 and $188.53.

The RSI’s high value suggests caution, as overbought conditions may lead to a pullback. The 50-day EMA at $155.79 provides a solid base for the ongoing uptrend.

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The post Solana Price Prediction as SOL Pushes Toward $170 – $1,000 SOL Possible By June? appeared first on Cryptonews.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

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