Solana Price Prediction As $SOL Edge Close to a 25% Breakout Rally

Solana Price Prediction: The second half of March saw significant volatility across major cryptocurrencies, including Solana. The Bitcoin price corrected sharply to $60,000, only to rebound above $70,000 within a fortnight, contributing to a sense of unpredictability among market participants. However, despite this consolidation, the SOL price displays an opportunity to drive a directional rally with the formation of a bullish pennant pattern. 

Also Read: 5 Solana Rivals Set To Double In Value Before Bitcoin Halving In April

Solana DEXs Hit Record $50 Billion Volume Amid Market Correction 

Amid the recent market correction, the Solana coin rally reverted from the $210 barrier, shifting the price trajectory sideways in a 4-hour chart. The consolidation bouncing off two converging trendlines indicates the formation of a technical chart pattern called a pennant. 

This bullish continuation pattern occasionally develops in an established uptrend to provide buyers a breather to recuperate bullish momentum. The SOL price currently trades at $181 and with an intraday loss of 5% it’s heading to the pattern’s lower trendline. With a market cap of $80.5 Billion, the Solana coin sustains its position as the fifth-largest cryptocurrency.

In a recent analytical highlight from SolanaFloor, the decentralized exchanges (DEXs) on the Solana blockchain have achieved a remarkable milestone, with trading volumes surpassing $50 billion, marking a new all-time high for monthly activity. 

This surge represents an impressive 126% growth from the previous month, indicating a significant increase in liquidity and trader interest within the Solana ecosystem.

🚨 BREAKING BIG: @solana DEXs volume exceeds $50 billion, a new monthly all-time high.

Growth: 126%
Volume up from last month: $28.62 billion pic.twitter.com/WjZo2hnPgg

— SolanaFloor | Powered by Step Finance (@SolanaFloor) March 24, 2024

Also Read: Bitcoin, Ethereum Eye New Highs Pre-Halving, This Solana-Based Meme Coin Could Double

Solana at a Crucial Junction Within Pennant Pattern

Amid broader market recovery, the Solana price is better positioned to break the upper boundary of the pennant pattern formation. A successful breakout will signal the continuation of the recovery trend and bolster buyers to chase the potential target of $240, followed by $285.

On a contrary note, a breakdown from the triangle support will prolong the SOL coin correction below the $150 mark.

Technical Indicator

• Exponential Moving Average: The 100 EMA slope of the 4-hour chart provides suitable pullback support for crypto buyers.
• Average Directional Index: A notable downturn in the ADX slope reflects the over-extended rally of Solana price cooled down from the last correction trend.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.