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Solana Price Prediction: Has $SOL Hit Overbought After $50 Breakout?

source-logo  coingape.com 11 November 2023 14:15, UTC

Solana Price Prediction: As Bitcoin reclaims the $37K mark, the altcoins market is booming, providing double-digit returns over the past weeks. Ranking amongst the top-performing coins, the Solana coin showcases a strong recovery and reclaims the $50 mark.

Furthermore, the bullish momentum continues growing as the buyers become more confident after the $50 breakout. So, will the SOL price continue to rise and reach $75?

Also Read: SOL Price At $55 Amid Institutional Inflows in GSOL, Should You Buy Solana Now?

Strong SOL Holders Absorbs Incoming Supply via FTX

  • The rounding bottom pattern triggers a long-term trend reversal.
  • With improving market conditions, the SOL price can soon claim the $75 mark.
  • The 24-hour trading volume on the Solana coin is 3.5$ Million, indicating a 6.7% gain.

Source-Tradingview

With remarkable growth in the last few weeks, the Solana price trend turned bullish and reflected a huge increase in trading volume. Supporting a bullish comeback, the overall market recovery fuels the underlying demand for Solana.

With an overnight growth of 25%, the Solana price action has produced a huge bullish candle similar to a marubozu. The increase in demand, at a time when SOL tokens are being sold from the FTX holding, reflects a strong underlying demand.

In the past sixty days, the altcoin has skyrocketed by 212%, to reclaim the $50 mark and currently trades at $58.08. With an intraday gain of 2.6%, the coin buyers offer a suitable follow-up to the last breakout, continuing on the path of a rounding bottom pattern.

Under the influence of this pattern, the coin price is likely to surge 34% to hit the next significant resistance of $78.

Will SOL Price Sustain Above $50?

With the crypto market gaining momentum, high-performance altcoins like Solana showcase a high likelihood of a prolonged uptrend. Crossing the psychological barrier of $50, the SOL coin price can hit the $75 mark, if the buyers sustain trend control and shatter the $60 mark.

If things go south, the overhead supply with the FTX dumping SOL tokens can be fatal. In such a case, the downtrend can fall under $50 to test the $38 mark

  • Directional Moving Index: The daily ADX line continues the positive arc of parabolic growth. Meanwhile, the DMI lines align with the bullish crossover showing a high momentum bullish sprint in motion.
  • Exponential Moving Average: The sharp upturn in the daily EMAs(20, 50, 100, and 200.) indicates a strong uptrend in action.
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