Solana Price Prediction: Could SOL Reclaim The $112 Mark?

Key Insights:

• Solana price sits at $119.11, facing a crucial test at support.
• A potential reversal from this support level could lead to a move towards $112.
• The price chart analysis showed clear indicators for a possible long position.

Solana price has recently been approaching an essential support threshold. It now awaits crucial market-driven movements. These push its price either up or down.

The price remained close to a significant support zone. This creates a potential scenario for turning around. According to a recent technical indicator analysis, market trends show evidence that SOL could rise to reach the $112 resistance level.

Solana price has increased in value by 12.51% in the last day, and it was trading at $119.11 as of press time. During the same period, Solana noted a substantial 32.16% volume increase, reaching $6.87 Billion.

The increased trading volume supports the possibility of SOL undergoing a bull market reversal from its existing support level. The one-day price chart showed Solana dealt with severe downward movement.

The coin dropped after breaking down from its $179.85 resistance point. It continued trading within the $112-$120 price zone for the last few weeks.

Technical Analysis of Solana Price Charts

Market analysis indicated a current state of indecision because traders heavily watch the support and resistance lines. The downtrend channel on the 4-hour time frame stands out.

The recent price data showed Solana has moved in a defined channel area over the past few days. Prices are carving successively descending high points and lower troughs. The current price position lies at the channel’s lower boundary, with values around $116.

Following this, Solana price has shown signs of short-term recovery, supported by its stability at this level. The price manifests sporadic upward patterns that generate subsequent adjustment movements in a descending channel configuration.

High volume levels were produced when the price moved near the channel’s lower portion. The Volume Delta’s increasing green bar activity illustrated this.

The growing market activity indicated that buyers actively work to maintain the price in the $116 region. The price movement tends to accelerate after increased trading volume occurs at this point. This created an essential area for investors who wish to buy assets.

The price area between $125 showed rejection. For SOL to preserve its upward trend, it must surpass the vital resistance barrier. A price movement beyond the resistance point could lead Solana toward the $140-$150 price. The area is where previous resistance occurred.

During the last trading session, Solana price reached its $112 support zone, maintaining its integrity throughout a previous monthly time frame. When tested multiple times, the $112 support level demonstrated adequate reliability in defending the price point.

The market has recently tested the $112 support level, which continues to maintain stability above it. However, uncertainty prevails for the long-term movement. The market is currently experiencing price consolidation. It now moves between the support level and probes lower price zones.

Multiple significant resistance levels exist at $179.85, $188, and $200 during the daily time frame. The historical resistance levels above $179.85, $188, and $200 have repeatedly stopped Solana from continuing upward.

They could continue to restrict their gains. SOL has persistently failed to overcome these important resistance levels, preventing its price from advancing above them. Numerous sellers are expected to establish their positions at $179.85.

Weekly Chart Analysis

Looking at weekly charts, Solana has demonstrated major price swings between 2021 and 2022. This is due to substantial market volatility.

Solana price climbed to a high point of $480 before dropping to its current trading value, close to $106.43. The support area at $112 on Solana has been approached.

According to the weekly historical price information, SOL has displayed multiple major highs and lows. The present trading point indicates another crucial transition.

General market conditions could drive a substantial recovery from this position. This recovery might retest earlier price heights. The $112 level serves as a critical support point.

The price movement benefited from this point. The zone has previously acted as a pricing benchmark. If prices decline to or below $112, the currency may experience a further decrease. The following support areas are located at $93.50 and $87.50.

A price jump above $120 on the weekly chart represented a significant milestone. After its successful breach, the move would launch a prolonged upward price movement. $179.85 proved to be an enormous barrier to Solana achieving its medium-term objectives.