Solana (SOL) Price Prediction: Will SOL Rise Above the $500 Million Market Capitalization?

Solana continues to be a popular choice for many investors who are eagerly waiting for the next bull run. Regardless of the ongoing price variation, the SOL price is expected to undergo a strong comeback and rise above the $500 million market capitalisation.

Solana (SOL) price continues to be a subject of interest among many investors, with expectations that the upcoming U.S. presidential election could positively impact the cryptocurrency market. Despite the recent price decline, some experts remain optimistic about SOL's potential to make a strong comeback.

However, the recent price action suggests that SOL might have to face some hurdles before it can resume a strong uptrend. The selling pressure has been mounting, and the token’s inability to sustain above $180 could lead to a drop towards the interim support levels.

The recent highs might be capping the price from any further upside, and hence, a strong lower high could be setting up for the token in the upcoming days. The bulls have been defending the pivotal zone relentlessly, keeping the levels above $160. This price action might be setting up for a strong ascending trend in the later part of the week.

A glance at the technicals reveals a contrasting narrative that raises concerns over the next price action. The RSI has been making higher lows, and the presence of an ascending trendline has been a strong support for the indicator.

On the other hand, the on-balance volume has been stuck in a descending parallel channel, and after the rejection from the interim highs, the possibility of a fresh pullback could be on the cards.

In such a case, a drop below $160 could hint towards a continued descending trend to $140, which might be seen only if the bearish trend extends.

Currently, the SOL price is approaching a key support level that previously acted as a strong resistance. This level has influenced price movements in the past, suggesting it could serve as a strong support.

Therefore, if the price holds above this support and shows bullish confirmation signals, it may attract buyers, potentially pushing the price upwards back to $180.

The above is the detailed content of Solana (SOL) Price Prediction: Will SOL Rise Above the $500 Million Market Capitalization?. For more information, please follow other related articles on the PHP Chinese website!