Solana Price Prediction: Will SOL Price reach $25.00 by 2023 end?

• Solana Price Prediction suggests SOL is in recovery mode and bulls are trying to regain the $20.00 mark.
• SOL Price managed to climb above the 50 day EMA.
• The Solana Price defended $15.00 support and recovered 51% from the lows.

Solana Price Prediction suggests a rise in the long run if certain conditions are satisfied. It recovered 50% approx from the recent swing low and showed initial signs of bullish trend reversal. 

SOL Price managed to climb above the 50 day EMA which triggered mild positive sentiment. However, the 200 day EMA is placed slightly higher which might act as an immediate hurdle for the bulls. 

At the beginning of June, Solana crypto tried to hold the price above the $20.00 level. But due to selloff in the overall market, Solana faced resistance and reverted in the downward direction. It fell 40% in the short span of time and dropped below the crucial support of $16.00. 

However, the sellers failed to give the follow through momentum and prices showed a minor bounce from the lower levels. The volume spike in the SOL crypto is visible indicates some genuine buyers have turned bullish and are accumulating from lower levels. 

Solana Price is trading at $19.38 with an intraday rise of 2.00%. The 24 hour volume to market cap 4.67%. 

The pair of SOL/BTC is trading at 0.0006362 with an intraday rise of 2.18%. The Solana with BTC pair is also in the recovery mode but facing hurdle at EMA.

Will the recovery in Solana Price continue?

Solana Price has not performed well in the past few months and traded in the range between $20.00 to $25.00. In the previous month we saw a downside range expansion which raised concern for the long term investors. 

Presently, The SOL Price is recovering but $20.00 will be the deciding level. Till buyers are sustaining the price above $18.00 the probability of continuing the recovery remains high. 

However, the Solana price will pick up the momentum when buyers are able to break out of the $22.0 hurdle. Till then the prices are expected to consolidate in the range between $15.00 to $22.00. 

The technical analysis suggests, Solana Price is in the initial phase of trend reversal and more upside is pending.

SOL Price absorbing the sell off

SOL Price formed a bullish hammer candle on the weekly time frame which shows that the selloff is getting absorbed.  The previous month is dominated by bears but the July month seems to be for bulls. 

The MACD curve reached the zero line and displayed a positive crossover. The histogram bar is on rise indicates mild bullishness and presence of buyers is visible. The RSI at 61 pointing up denotes the strength of bulls and more room for upside recovery is open.

Conclusion

Solana Price Prediction suggests a rise in the long run till buyers sustain the price above $15.00 level. SOL Price is in the recovery mode and buyers are trying to achieve the $20.00 mark. 

The technical analysis suggests, SOL crypto favors the bulls and the probability of reaching $25.00 by 2023 remains high. 

Technical levels

Resistance levels: $22.00 and $26.00

Support levels: $15.00 and $12.88

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.