Solana (SOL) Price Analysis and Forecast: SOL Bulls Aim to Recapture Lost Territories

Solana crypto has been in a bullish spell for quite some time, and it's optimized by 6.43% in market value and by 55% in trading volume in the last 24 hours

Solana (CRYPTO: SOL) crypto has been on a bullish spell for a while now. It is optimized by 6.43% in market value and by 0.43% in trading volume in the last 24 hours, as per the coinmarketcap. Its market value is $78.148 Billion, and its trading volume is $3.157 Billion. There are 464.270 Million SOL in circulation out of a total supply of 580.438 Million SOL.

Solana open interest is at $8.38 Billion. As per Coinglass, another crypto analysis website, it rose by 50.04% in the previous session. The long versus short ratio for 24 hours is at 0.9778. The short liquidation exceeds longs, where shorts amounted to $5.63 Million, and longs amounted to $3.55 Million.

Solana Price Structure Analysis Over Daily Chart

According to TradingView, an all-time low achieved by December 29th, 2022, where the low was $8.00. Compared to that low, SOL is 1900% higher on the daily chart. However, the all-time high registered on November 6th, 2021, where the high was $260. Comparatively, the current price has traded nearly 37% lower than its ATH.

At press time, SOL was trading at $162.28, with an intraday advancement of 2%, nearly 17% of this week, and 32.5% over the past two weeks.

SOL has been showing a strong demand zone of $120, and over time, it proved unbreachable, as, despite the bearish sentiment before, the support zone remained intact. Over the broader picture, the price action appears to have formed a descending triangle, where the $120 support zone acted as a lower border, and dynamic trendline resistance acted as the upper border of the triangle.

Based on the bullish thrust, it’s expected to reach $170, which seems to be the upper border resistance. With larger momentum, the price could pierce the upper border, and the breakout could pop out.

Where the price would retest the supply at $200, at first, and beyond, this would run for recapturing the lost territories back.

Indicators Perspective of Solana Over Daily Chart

As per the SOL daily chart, the indicators are mostly optimistic, as the asset is showing bullishness and the rising potential price has jumped from 50-day and 200-day EMA’s, and it remained above under the direct influence of the buyer’s surge.

Meanwhile, the MACD has displayed a strong bullish crossover, with a growing histogram at 3.24, where the MACD line is at 4.29, and the signal line is at 1.04. The RSI is increasing gradually, signifying that the Solana asset is gaining traction and moving above a median line at 63.63.

Price Forecast of Solana

If the price keeps on bulging, it could meet the interruptions at the $180.0 and $190.0 mark. On the contrary, if the price fails to jump, and breaks the $155 support, it price could reach $140, as well.

Solana is bullish, with its price up 32.5% over the past two weeks and trading volume up 0.43% in the last 24 hours. The price is currently trading at $162.28, which is 1900% higher than its December 2022 low but still 37% lower than its all-time high. Analysts are optimistic about Solana’s future, with some predicting a price increase to $170 or even $180.

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