Solana has been on a slide like the other cryptos, who were on a roll before and sol is now trading in the $120 range.
In this article we will look at the rebound in Sol and what can be the Solana next price target by looking at price chart and technicals.
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Solana Next Target
- Price: $123.95
- 24-Hour Price Change: -$3.02 (-2.38%)
- Intraday High: $130.46
- Intraday Low: $121.18
Trade setup:Â Following a bearish breakout from Channel Up and below 200-day Moving Average (200 SMA), price entered a Downtrend.Â
Trend Traders: It’s now trading in a Falling Wedge pattern, which typically resolves in a bullish breakout. We wait for such breakout, which could signal at least a temporary trend reversal.Â
Swing Traders:Â price is approaching $120 support, which has held many times in the last 12 months, and could be another attractive swing trade entry with +30% potential upside back to $160.
Technical Indicators
- 50-Day Simple Moving Average (SMA): $198.77 (Sell)
- 200-Day Simple Moving Average (SMA): $187.51 (Sell)
- 14-Day Relative Strength Index (RSI): 38.92 (Neutral)
- Trend:Â Short-term trend is Strong Down, Medium-term trend is Strong Down, Long-term trend is Down.
- Momentum is Bearish but inflecting.
- Support and Resistance: Nearest Support Zone is $120.00, then $100.00. Nearest Resistance Zone is $160.00, then $184.00.
Recent News
- CME Group Plans Solana Futures Launch: CME Group has announced plans to introduce Solana futures contracts on March 17, 2025.
- Franklin Templeton Files for Solana ETF: Investment firm Franklin Templeton has filed for an exchange-traded fund (ETF) to track the spot price of Solana. The ETF will be traded on the Cboe BZX Exchange, with Coinbase selected as the custodian for Solana holdings.
- VanEck Predicts Solana Price Surge: Asset manager VanEck projects that Solana’s price could reach $520 by the end of 2025e.
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