SOL Technical Analysis
Key Insights
- After crashing 79% in November 2022, SOL has rebounded 188% in 2023 so far, now trading around $22.35 after hitting a low of $7.61.
- SOL is consolidating between the support and resistance levels, similar to consolidation before its 2021 bull run.
- If SOL breaks its POC around $33.39, it can reach heavier resistance at $38.61 before a correction begins to collect liquidity, mirroring its 2021 price action.
As of writing, Solana holds the 11th position in CoinMarketCap's rankings, with a market cap of $8,445,037,823. Users can get Solana for fiat or crypto on SimpleSwap.
SOL Daily Timeframe
After falling by more than 79% in early November amid the problems of the FTX exchange, positive sentiment is returning to the asset.
Since the beginning of 2023, Solana's value has grown by more than 188% from the price mark of $7.61. This position makes the asset one of the most effective today. SOL is a part of a grand portfolio and top 5 indexes portfolio.
The coin is trading at $22.35. A price range has formed with support at $20.31 and resistance at $26.72, where the price is currently consolidating.
SOL Price Prediction
Before the start of the Bull Run in 2021, the price also updated these price lows and collected greater liquidity. The growth after consolidation and further correction are also important to notice.
Let's go back to the price fluctuations of 2023. We’ll try to predict price changes based on the history of price movements in 2021.
The price of Solana could reach the point of the largest PoC volume at $33.39 and even break it, reaching a strong resistance level at $38.61.
From these price levels, a correction of the upward movement to collect liquidity in 2023 may begin. This might happen by analogy with the movements of 2021 before the start of a global uptrend.
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