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Synopsis: to be updated in all crypto news and price prediction. While the cryptocurrency market continues to suffer from Terra’s death spiral, Solana is on the verge of a significant price movement.
Solana ranks amongst the worst-performing cryptocurrencies in May. The Layer 1 blockchain saw its price drop by nearly 60% during the first 12 days of the month. Although SOL has rebounded by more than 40% from the swing low at $36.20, it is locked in a consolidation pattern that anticipates further volatility on the horizon.
The hourly chart reveals that Solana’s price action since May 11 has led to an ascending triangle formation. The series of swing highs appear to have created a horizontal resistance trendline around $58.80, while the swing lows developed a rising trendline. A breakout from this type of technical formation can occur to the upside and the downswing.
Still, the lack of trading volume in the cryptocurrency markets suggests that SOL could be bound for a steep correction. An hourly close below the triangle’s hypothenuse at $49 could encourage traders to exit their position and increase the selling pressure behind Solana. Under such circumstances, the Layer 1 token might dive toward $44 or even $40. Solana price today is $ 49.87 with a 24-hour trading volume of $ 2.77B, market cap of $ 16.91B, and market dominance of 1.30%. The SOL price decreased -3.78% in the last 24 hours.
Solana reached its highest price on Nov 6, 2021 when it was trading at its all-time high of $ 259.52. The lowest price since it’s ATH was $ 36.54 (cycle low). The highest SOL price since the last cycle low was $ 58.78 (cycle high). The Solana price prediction sentiment is currently bearish. The price of Solana in the IEO was $ 0.22 and the token sale ended on Mar 24, 2020. Since then, SOL price increased 226.50x against US Dollar, increased 15.29x against Ethereum and increased 50.13x against Bitcoin.
Solana price in US Dollar has decreased by -53.09% in the last 1 month. SOL is down -27.09% against Ethereum and down -33.32% against Bitcoin in the last 1 month. According to our current Solana price prediction, the value of Solana will rise by 6.81% and reach $ 53.21 by May 26, 2022. According to our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing Extreme Fear. Solana recorded 37%, green days with 26.06% price volatility over the last 30 days. Based on our Solana forecast, it’s now a bad time to buy Solana. Based on today’s classical pivot point, with the value of $ 50.34, Solana has support levels of $ 47.17, $ 44.77, and the strongest at $ 41.60. Similarly, Solana resistance levels are at $ 52.74, $ 55.91, and $ 58.31.
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