Advertiser disclaimer

Solana Breaks the $20 Barrier; Is $22 on the Horizon?

author
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on September 19, 2023 | 2 min
Updated on Sep 21, 2023
Advertiser disclaimer
  • The cryptocurrency displayed a positive trajectory, breaking past a symmetrical triangle pattern and the double-top resistance, both around the $19.50 mark
  • This potentially sets the stage for an upward move towards the $20.65 resistance, with $21.10 acting as a key hurdle.
  • While the $19.50 level serves as a significant pivot point, a sustained bullish push can target $20.65.

In the rapidly evolving world of cryptocurrencies, Solana has emerged as a notable contender, capturing the attention of both investors and enthusiasts alike. Recently, the coin achieved a significant milestone by breaking through the crucial $20 mark. This breakthrough, fueled by a combination of robust network updates and growing user adoption, raises an intriguing question: Is the $22 price point the next target for this rising star in the crypto universe? As market dynamics shift and momentum continues, all eyes are on Solana’s next move.

Show more
SOL/USD Price Chart
SOL/USD Price Chart – Source: Tradingview

Solana Price Prediction: Technical Outlook

Today’s Solana price stands at $19.87, recording a 24-hour trading volume of $283,057,335. Over the past 24 hours, the coin has seen an increase of 3.60%. As per CoinMarketCap, Solana currently holds the #10 ranking with a market capitalization of $8,173,436,163 USD. The circulating supply for Solana is set at 411,355,803 SOL coins.

 

Examining the technical aspects of Solana, it’s evident that the cryptocurrency is trading with a bullish inclination. This sentiment was strengthened when Solana broke through a symmetrical triangle pattern, which previously posed resistance around the $19.50 mark. Along with this breakout, SOL also surpassed the double-top resistance at approximately the same $19.50 level. On the bullish front, this breakout could potentially lead the price towards the next resistance at $20.65. Furthermore, the $21.10 level might act as a significant barrier for Solana’s upward trajectory.

 

Turning to technical indicators, both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are indicating a buy. Specifically, the RSI remains above 50, while the MACD’s histograms are situated above the zero line — both signs supporting a bullish movement. Additionally, the 50-day Exponential Moving Average (EMA) backs the bullish stance, as Solana’s current market price is significantly above this average. Historically, a bullish breakout from a symmetrical triangle often suggests a continuation of the upward trend. Hence, with the SOL/USD pair maintaining above the $19.50 mark, the prospects for reaching the $20.65 level look promising. Conversely, should there be a bearish reversal below the $19.50 threshold, the price might retreat towards $19.15 or even $18.65. It would be wise for investors to closely monitor the $19.50 level, as it is poised to be a pivotal point for Solana’s price today.        

Stay tuned for more updates!

author
About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
Other categories