Solana Price Prediction 2021 – Will SOL Hit $59 Soon?
The price range for a bullish SOL forecast is $29 to $58.
The SOL price may rise to $59.
For 2021, the SOL pessimistic market price forecast is $12.
We utilize data, price trends, ADX, and other information about SOL to evaluate the cryptocurrency’s future movement in SOL price forecast 2021.
Solana is a strong open source project that provides decentralized financial (DeFi) solutions by using the illegal characteristics of blockchain technology. Despite the fact that the project’s concept and first development started in 2017, it is still ongoing. The Solana Foundation formally debuted Solana in March 2020. It is based in Geneva, Switzerland, and its fundamental block Consensus seeks to increase scalability via Proof-of-History (PoH) and Proof-of-Stake (PoS).
Solana’s Current Market Situation (SOL)
At the time of writing, the price of Solana was $28.78, with a 24-hour trading volume of $406,480,853 according to Coingecko. SOL, on the other hand, has risen by 3.5 percent in the past 24 hours, as of this writing.
Furthermore, there are 272,637,122 SOL coins in circulation. SOL is currently traded on Binance, OKEx, Huobi Global, and Bilaxy, among other cryptocurrency exchanges.
Price Prediction for Solana (SOL) in 2021
On CoinGecko, Solana (SOL) is now ranked 14th. The price of SOL in 2021 is forecasted using a daily time period, as shown below.
Descending A triangle pattern is a bearish pattern formed by connecting a series of lower highs with a series of lower lows using one trend line and a second horizontal trend line. When an upswing comes to an end, falling triangles may develop as reversal patterns. However, they are almost always continuation patterns.
If the price of the SOL breaks over the $37 resistance level on the daily time frame chart, it will achieve the goal of $59. Otherwise, the price of the SOL breakthrough will drop to the $21.80 support level. As a result, the SOL’s trend is dependent on the breakout.
Support and Resistance Levels for Solana (SOL)
The chart below depicts Solana’s support and resistance levels (SOL).
Support and Resistance Levels for SOL/USDT (Source: TradingView)
The following are the resistance and support levels of SOL, as shown in the preceding chart.
$29 for Level 1 Resistance
Level 2 Resistance – $38
$49 for Level 3 Resistance
$58 for Level 4 Resistance
Level 1 Support – $22
Level 2 Support – $17
Level 3 Support – $12
SOL’s negative performance during the preceding month is shown in the chart. SOL, on the other hand, will increase in a bullish trend. If the trend were to reverse, SOL might fall below $12, indicating a bearish indication.
Average Directional Index for Solana (SOL) (ADX)
Now let’s have a look at SOL’s ADVANCED DIRECTIONAL INDEX (ADX). The ADX, in particular, aids traders in assessing the strength of a trend as opposed to its direction. It may also be used to see whether the market is shifting or if a new trend is forming. However, it is connected to the Directional Movement Index (DMI).
The oscillator also has a range of 0 to 100. Furthermore, a high number indicates a strong trend, while a low value indicates a weak trend. It’s also often used in conjunction with directional indicators.
The ADX of SOL, as seen in the chart above, is in the 28.4 area, indicating a strong trend.
The SOL is a cryptocurrency that is ideal for long-term investment. Furthermore, the short-term price forecast for SOL is positive. Its chances of hitting $58 before the end of the year are excellent. This, however, will only happen if a number of prior psychological obstacles are overcome.
Furthermore, with the improvements and updates to the SOL ecosystem, SOL’s performance is expected to skyrocket, hitting $49 in no time. However, if investors think SOL is a solid investment in 2021, it might reach $59 per share.
Disclaimer: The views stated in this graph are entirely those of the author. It should not be construed as investment advice. Before investing, TheNewsCrypto staff advises everyone to conduct their own research.