Solana Price Prediction for Today, April 20 – SOL Technical Analysis

adminApril 20, 2024

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According to the daily paper, Solana price forecasts show that SOL has not yet surpassed the 9-day moving average and the 21-day moving average.

Solana (SOL) Hits $145: Is This a Buying Opportunity Ahead of Bitcoin Halving?

Solana (SOL) surged 10%, regaining $140 on April 17 after falling to $126 on Tuesday. Solana investor optimism has reached a five-month low, according to key market leverage data. Do these conditions provide a buying opportunity for new investors? Or is the price of SOL at risk of plummeting below $100 for the first time since January 2024?

Solana price statistical data:

Current Solana price – $142.64
Solana market capitalization – $63.6 billion
Solana Circulating Volume – 446.8 million
Solana total supply – 574.2 million
Solana CoinMarketCap Ranking – 5th

SOL/USD market

Main level:

Resistance levels: $200, $220, $240

Support levels: $70, $50, $30

Solana Price Prediction for Today, April 20 – SOL Technical Analysis — SOLUSD – daily chart

SOL/USD is widening its range as the coin struggles to break above its 9-day and 21-day moving averages. However, the nearest major support remains at $139.79, however, if the coin moves lower, sellers could dominate the market, but a bullish crossover above the moving average could bring it back to the previous resistance level of $180.

Solana Price Prediction: Solana (SOL) Could Be on the Rise

Solana price is currently trading below the 9-day and 21-day moving averages. However, if the market price falls below the nearest support level at $140, it could experience a period of bearish momentum and target another support level at $120 which could lead to reaching the important support levels of $70, $50, and $30. Meanwhile, for that to not happen, the coin’s movement must shift above the moving average.

Therefore, if Solana (SOL) breaks through this barrier, it can move north. If the price decides to maintain a bullish movement; The coin can find potential resistance levels at $200, $220, and $240, while the 9-day moving average continues to remain below the 21-day moving average, suggesting bearish movement within the channel.

SOL/BTC continues to fluctuate

Compared to Bitcoin, Solana price can rise if buyers push the market price above the 9-day and 21-day moving averages. However, if the uptrend fails, the downtrend could continue to exert significant pressure on the market. This is because the 9-day moving average remains lower than the 21-day moving average, providing more bearish signals.

Meanwhile, if Solana price falls below the channel lower limit, it could reach the nearest support at 1800 SAT. Any further negative movement could push the support price below 1500 SAT. In case of a bounce, the coin may revisit 2500 SAT before resuming the rally and rally towards resistance levels above 2800 SAT.

Additionally, @CryptoBullet1 shared insights with his extensive 115,000+ followers on X (formerly Twitter) regarding the medium-term outlook for $SOL. He believes #Solana has completed synchronous wave (3) and is currently in corrective wave (4). He expects #SOL to hit a new all-time high 📍 in the $400-600 range during the last wave (5), while predicting a consolidation phase between $100-200 in the coming months.

$SOL Medium-term scenario
I think #Solana We have completed the synchronous wave (3) and are now in the corrective wave (4).
I am expecting a consolidation between $100-200 over the coming months.
after #brush Need to switch to new ATH 📍 $400-600 – Final wave (5) pic.twitter.com/dmpCJxRr3D
— CryptoBullet (@CryptoBullet1) April 17, 2024

Alternatives to Solana

Based on the daily chart, Solana price is approaching the $147 resistance line, signaling a potential upward trend. To confirm this, we may need to strengthen the bullish momentum as the 9-day moving average is expected to break above the 21-day moving average, which could indicate a lucrative buying opportunity. Amid these developments, investors are encouraged to explore Dogeverse, an innovative token that has raised an impressive $8.1 million in its initial coin offering. The rapid sell-off makes Dogeverse stand out from Solana (SOL), which ranked fifth with a market capitalization of $63.6 billion, making it a promising investment opportunity.

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