Bittime – After experiencing a sharp decline of almost 40% from the peak of $210 on March 18, Solana's (SOL) price is starting to show recovery. The price had stagnated at around $150 since April 20, but finally managed to break through that level and reached a high of $157 on April 22.
With the end of the downward trend seen from the April 13 low and the emergence of positive signals, could Solana surge again and resume its long-term bull run?
Solana Price Today
Summer: Over
When this article was written, namely on April 24, 2024, SOL was at IDR 2,538,351 or $156.23. This price was obtained after SOL experienced a decline of 0.92%. This means that from the last ATH of SOL, SOL experienced a slight price decline which can be expected to quickly return to its highest price and could reach a new ATH with certain factors.
Check Today's Crypto Market:
SOL Price Prediction April and 2024
Changgely estimates that Solana will experience a decline on April 30 2024 to reach $154.72. By the end of 2024, Solana is predicted by Changelly to experience a drastic price drop from its current price, which is only $100.19 its average price.
In contrast to Changelly, Coinpedia predicts that Solana will reach a new ATH at the end of April 2024 for $250. However, the prediction for SOL's potential lowest price on April 30, 2024 is $100. Still, at the same figure, Coinpedia also predicts that SOL could reach $250 by the end of 2024.
Coinpriceforecast predicts that SOL will experience a high price increase in the middle of 2024, namely $253 and at the end of the year it could jump drastically up to 111% to be at $330.
What needs to be understood is that crypto prices are very volatile and carry high risks. Therefore, it is difficult to provide a definitive and accurate SOL price prediction. To be more certain, it is better to check the SOL price in real-time on Bittime. Use indicators as needed so you can see Solana price charts more accurately.
Also Read: Ethereum (ETH) vs Solana (SOL): Comparison of ETH/IDR and SOL/IDR Prices
Analisa Fundamental Solana (SOL)
- Number of Active Addresses: Solana's number of active addresses reached a low of 1.15 million on April 11 and remained around that level until April 15. Currently, the number of active addresses has increased again to 1.27 million.
- Non-Voting Transactions: Compared to the peak, the current number of non-voting transactions is much lower, namely at 23.5 million (as of April 22). However, this figure is still higher than the period when SOL reached a record high in November 2021.
- Total Value Locked (TVL): Solana's TVL also showed an increase. From a low of $3.46 billion on April 18, TVL has now managed to break back above $4 billion.
SOL Price Technical Analysis
Rejection at $200 Resistance Level: SOL briefly peaked at $210 on March 18, but then fell 21% to $162 on March 20.
There was an attempt to recover with the formation of a graphic pattern that resembled an ascending triangle. The price briefly touched $200, but then stuck at that resistance level.
- Possibility of Further Correction: Rejection at the $200 resistance level followed by a price drop back to the starting point of the recent uptrend, indicating potential market weakness. This pattern could signal the end of a long-term uptrend and the start of a deeper correction.
- Trend Reversal Expectations: The recent price increase may be a response to a previous sharp decline. The overall wave structure indicates an uptrend that may have ended.
If this analysis is correct, the SOL price could fall again, potentially breaking through the ascending support line and heading towards the next significant support zone at $80.
- RSI Indicator and Bullish Expectations: However, there is another, more optimistic scenario. The RSI indicator on the 4-hour chart briefly entered the oversold zone below 30% on April 13. This could be a signal of a potential trend reversal.
- $174 Fibonacci Level As Directional Determinant: The differentiating factor between these two views is price action at the 0.618 Fibonacci retracement level of $174.
If the price continues to move above this level, we could see a new increase, potentially bringing SOL back above $200. However, if the price is stuck or rejected before reaching that level, the possibility of a further correction will be greater.
Factors Affecting the Price of Solana (SOL) Going Forward
Apart from the fundamental and technical analysis discussed previously, here are several other factors that could influence the price of Solana (SOL) in the future:
1. Solana Network Adoption and Utility
More adoption and use of the Solana network for various applications, such as DeFi (Decentralized Finance) and NFT (Non-Fungible Token) development, may increase demand for SOL tokens and drive price increases.
2. Strategic Partnership
Collaboration with well-known companies or financial institutions can increase credibility and trust in Solana, thereby having a positive impact on the price of SOL.
3. Solana Technology Advancement and Innovation
Solana's ability to overcome scalability issues and high transaction fees could be a competitive advantage over other blockchains. The launch of new features or technological innovations that provide solutions can trigger an increase in SOL prices.
4. Crypto Market Sentiment in General
General crypto trends also influence the price of SOL. If the crypto market is bullish, the price of SOL tends to rise as well. On the other hand, if there is a major correction in the crypto market, the SOL price is also at risk of being depressed.
Also Read How To Buy Crypto:
Conclusion: Solana (SOL) is at a Crossroads
Solana's (SOL) price is showing signs of recovery after experiencing a sharp decline. Even so, it is not yet clear whether the bullish trend will continue or the price will correct again.
Investors need to pay attention to fundamental and technical analysis to make investment decisions regarding SOL.
Currently, Solana (SOL) is at a crossroads. The recent price recovery does not necessarily signal a return to the long-term bullish trend.
Investors need to pay close attention to SOL's fundamental and technical developments in the next few weeks to get a clearer picture of the next trend direction. In this way, the right investment decisions regarding SOL can be taken.
How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR. To be able to buy SOL IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn a Complete guide on how to buy Solana (SOL) on Bittime.
Monitor price chart movements for Solana (SOL), Bitcoin (BTC), Ethereum (ETH), and other cryptos to find out today's crypto market trends in real time on Bittime.
Read Also:
Solana (SOL) Future & Solana ETF Predictions
Polygon (MATIC) Outperforms Solana (SOL) In Weekly NFT Sales
DISCLAIMER: This article is for informational purposes only and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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