Solana Price Prediction: Can SOL Soar to $500?

Solana has mislaid 10% of its worth since past week, from erstwhile it was trading astatine a play precocious of $203 to present trading astatine $185. 

Although the trading measurement is comparatively precocious arsenic a 99.81% summation was recorded contiguous unsocial to $3.3 billion, its marketplace headdress has dropped by 2.3%.

Recent Price Action

If we look astatine the regular illustration via tradingView, we volition spot that the terms is presently hovering adjacent a enactment level astatine $174 that has been acceptable up since November past year. Meanwhile, this enactment level was antecedently a absorption level of which terms has been consolidating since March past twelvemonth earlier the large breakout successful November. 

Right now, the illustration is showing an ascending transmission with forms of higher highs and lows. The terms precocious deed a caller all-time precocious of $295. However, the terms has pulled backmost aft and is looking to retest the $174 enactment level again. 

Road to $500: Is it possible?

On the Relative Strength Index (RSI) indicator, the enactment is presently beneath the 50 mean level and nearing the oversold level, down to 27. This means the selling unit mightiness soon beryllium over, and the bulls mightiness soon instrumentality implicit the market. If this happens, we mightiness acquisition a rally up 130% to $400 oregon adjacent higher to $500. 

Meanwhile, the SOL/BTC brace is showing a akin illustration signifier from a erstwhile rhythm erstwhile SOL gained 65% successful 2 weeks that pushing the terms to $270. The rally was influenced by President Trump’s memecoin motorboat astatine the time. 

If the existent marketplace conditions enactment this erstwhile cycle, a $400 to $500 terms prediction for SOL mightiness beryllium expected. However, it’s excessively aboriginal to tell. 

Also Read: Ethereum Stablecoin Supply Surges $1.1B successful a Week