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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Nov 08, 2023 06:34 UTC
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SOL Price Analysis: Ethereum Rival Solana Eyes $50 This Week!
The SOL price trend sustains above the $40 mark, teasing a trend continuation to the $50 mark.
Solana coin price trend shows a remarkable channel breakout, with a 145% jump in the last two months.
The $50 breakout rally in the SOL price can reach the $58.90 mark.
As Bitcoin resurfaces above $35K again, the altcoins market gets increased momentum and results in a new bullish surge. Riding on the market recovery trend, the SOL coin price trend shows the channel breakout rally bouncing above the $40 mark.
Increasing the likelihood of a price jump to the $50 mark, the Solana price prediction maintains a bullish end result for 2023.
With a rounding bottom reversal from $17.76, the SOL price maintains a bullish journey. Following the channel breakout, as the overall market recovery gains momentum, the Ethereum rival continues to grow.
Crossing the 1.618 Fibonacci level at the $40 mark, the bullish trend in Solana shows a successful post-retest reversal. Accounting for a 346% year-to-date jump makes SOL tokens a high-performance investment in 2023.
Currently, the SOL price trades at $43.18 as the bounce back from $40 continues to form higher highs. Following the overnight jump of 1.87%, the intraday candle teases a Doji candle formation.
Technical Indicators:
RSI: The daily RSI line sustains a sideways trend in the overbought zone but warns of declining buying pressure.
MACD indicator: The MACD and signal lines struggle to maintain a bullish gap teasing a crossover event. Moreover, the declining trend in positive histograms reflects a decline in trend momentum.
Will the SOL Price Cross $50?
With a boost in trading volume, the uptrend in SOL price teases jump to the $50 mark. However, the higher price rejections in the recent candles and the lack of momentum warn of a reversal.
Considering the uptrend regains momentum, the bullish trend can surpass the 2.272 Fibonacci level at the psychological mark of $50. In such a case, the Solana market value can reach the $58.90 mark.
On the flip side, a downside reversal under the $40 mark can result in a drop to $35.
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