Solana (SOL) Price: Insights on Best Entry Target from Traders
Solana (SOL) Price Target Analysis
Solana (SOL) has been trending downward over the past six months, hovering near its all-time high (ATH) set in 2021. Traders are actively weighing the optimal entry price following an exciting rally in 2023.
Technical Insights on Trading
Renowned trading platform FieryTrading recently shared a long-term technical analysis on TradingView, suggesting an entry point amid a bullish triangle chart pattern developed since 2021. The pattern's support bottomed out at $1.0 per SOL back in December 2020.
- Subsequent higher lows were identified at: $8.15 (December 2022), $13 (June 2023), and $17 (September 2023).
FieryTrading believes Solana may soon test this bullish triangle's support again, forecasting a price target near $71 by January 2025, contingent upon market conditions and support uptrends.
Risks of Downward Movement
Conversely, the triangle encompasses a trend of decreasing highs, presenting a potential downtrend since Solana's peak of $191 in July. The price needs to overcome the rising supply inflation impacting its market outlook to reclaim higher valuation levels.
- Traders observed:
- SOL reached a local peak of $210, signifying greater market capitalization than the previous ATH of $260.
- The market cap was noted at $80.96 billion during the previous ATH versus $93.13 billion at the current position.
As a highly volatile asset, Solana's future price movements are unpredictable, necessitating keen observation from traders regarding market demand and ecosystem developments.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.