Price Analysis

Solana(SOL) Price Mirroring the Same Pattern, Primed to Hit $1000 Mark Soon!

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Dec 24, 2021

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Highlights

    Solana price is attempting to hit the higher levels much above the $200 levels yet the fear of a drastic plunge also haunts the rally

    The SOL price is attempting very hard to end the year on a bullish note yet appears to be pretty tough as the bears appear to be on their toes to jump in

Solana price nowadays appears to go long yet in reality the resistance and the support levels are getting compressed. However, the current price is hovering around the crucial resistance levels with depleted volatility. The buying pressure remains lowered and hence the targets at $1000, currently, seems to be pretty misty. Yet the strength in the rally is notably good, and hence the asset may not breach through the local support. 

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The asset is not much distinct from its ATH, yet regaining the positions along with these levels before the end of the year 2021 may be quite uncertain. As the crypto space is buckling up and getting ready to undergo a notable swing in Q1 2022. Therefore, most of the altcoins are fluctuating within very small braces, rising slowly and steadily. And hence SOL price is also expected to follow a similar strategy to achieve the levels beyond the ATH soon. 

As mentioned in the chart, the SOL price is ranging high but with a fear of plunging to lower levels. The rising wedge pattern no doubt embraces an uptrend but only for a short period, as a correction or pullback is imminent. And hence SOL price could tremble down a little and revisit the local support around $175 before the next leg up. However, the price is currently consolidating around $190 which indicates that the asset is attempting very hard to prevent the correction. 

Despite numerous strategies applied by the asset, a small correction is imminent for the asset in the short term. And hence a notable rally is pre-programmed in the long term which may uplift the price too as high as $300 somewhere in Q1 2022. For now, to end the year on a bullish note the SOL price is required to close the trade above $210. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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