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Cilinix Crypto is optimistic about Solana’s future and expects it to reach $100, but acknowledges challenges due to high funding rates and resistance levels.
Anticipation for this breakout started about a week and a half ago when Solana hit the $75 price target. This article examines these events and assesses where Solana might go in the future.
Solana price analysis
The Solana token has made great strides, surpassing the Binance coin and securing the fourth spot among the top 100 cryptocurrencies by market capitalization. However, $SOL price is struggling to get past the key resistance level at $100, indicating a strong selling point at that level.
Initially, Solana traded within a range between $54.01 and $59.73, but it eventually broke out of this range. The upside momentum was short-lived as the price encountered resistance at $65.90. After that, the price moved sideways for a while between $59.73 and $65.90.
The bulls regained their strength and pushed the price up by over 33%, but were rejected at $79.65. Subsequently, $SOL traded within the range of $65.90 and $79.65 for almost two weeks. During this period, the token experienced consistent fluctuations in value.
Despite several attempts, the bulls recently managed to break the $79.6 resistance level, resulting in a 39% jump. However, the $100 price target still remains unmet and the price is currently trading in the $90 to $100 range. As of now, $SOL is valued at $95, showing an increase of 3% in the last 24 hours.
The Moving Average Convergence Divergence (MACD) indicates a continued decline in the histogram, indicating reduced buying pressure for this token. Moreover, the averages indicate a high probability of a bearish convergence, indicating that the price may experience a significant decline in the coming days.
Visit our guide to the best altcoins to buy now for 2023 here.
Solana Price Prediction – Will the Price of $SOL Reach $100 Before Next Year?
Looking ahead, it’s difficult to figure out what Solana will do next. Although the technical outlook is positive, factors such as high financing rates in the overall market and the upcoming holidays create uncertainty.
Holding long positions is expensive, and this could lead to big players closing their positions, potentially affecting Solana’s momentum. If the bulls reach their target of $100, the $SOL price will continue to rise and get ready to test the highest resistance level of $105 next week.
On the other hand, if the bears overpower the bulls, the price may lose momentum and drop to check the $90 support level over the weekend. Moreover, if the bears maintain control, the price could fall even further and aim to test the lower support level at $79.95 in the coming days.
If there is a change in trend, Solana’s price is expected to reach a low of $70 by the end of the year. Navigating these dynamic market conditions, Cilinix Crypto’s insights provide an in-depth view for investors and enthusiasts alike.
These perspectives provide valuable insights into Solana’s exciting journey in the cryptocurrency market. Stay tuned for more updates on Solana’s potential journey to $100. If you’re looking for other investment opportunities, check out our list of the best crypto ICOs to consider.
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Related
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