Solana Price Prediction: Analysts Flip Bullish as SOL Coils Below Resistance– Big Move Loading?
The Solana price has increased by 1% today, but could promising indicators suggest that it’s on the verge of exploding? The Solana price has edged higher to $153.79, breaking a week-long losing streak even as the broader crypto market slips into the red. Despite being down 13% over the past 7 days and 5% in 2 weeks, SOL remains up 4% on the month– hinting at a potential turnaround. Recent losses have now positioned Solana to rebound strongly, with indicators showing it’s very close to hitting a bottom. And given that SOL remains one of the strongest tokens in the market in terms of fundamentals, its longer-term price predictions remain highly bullish.
Solana’s various positive indicators suggest that the token is close to entering a growth phase. Its 30-day average is about to drop below the 200-day, indicating a possible incoming bottom. Additionally, SOL’s relative strength index is falling towards 30, signaling a potential buying opportunity. The coin’s price also formed an inverted head-and-shoulders pattern between March and May, suggesting a bottom of the current cycle and a potential upward trend in the medium- and long-term. SOL has risen by over 50% since the beginning of April, with significant room for further growth as it remains 47% below its all-time high of $293.
Solana is the second-largest network in terms of TVL and has upcoming upgrades like the new contract mechanism Alpenglow and the new validator client Firedancer. These improvements will make Solana faster and more efficient, enhancing adoption over time. The Solana price is projected to reach $200 by the end of June, $250 by the end of July, and $400 by the end of the year. The second half of the year is expected to be significant for Solana and Solana-based tokens, with new tokens like Solaxy showing strong potential by introducing the blockchain’s first real layer-two network.
Solaxy has raised $43.1 million in its presale and will provide users with lower fees, faster confirmation times, and instant bridging with Solana. It will launch its own DEX soon after its mainnet goes live, aiming to become a key hub for DeFi and meme tokens. Traders can still buy SOLX at its final presale price of $0.001742 on the Solaxy website.
