Key Insights:
- Solana (SOL) appears to be mirroring Bitcoin’s 4-hour chart, forming a rising wedge pattern.
- SOL surged 22% after an indicator flashed a buy signal, but it is now showing a sell signal, which is now raising concerns about a potential price drop.
- The technical indicator TD Sequential, which previously flashed a buy signal before a 20% rally, is now flashing a sell signal.
The Solana price prediction amid the ongoing market recovery is a key topic, highlighting whether the native token, SOL, will rally or crash in the coming days. Despite the broader market recovery, SOL continues to struggle and appears to be mirroring Bitcoin’s 4-hour chart, forming a bearish rising wedge pattern.
Solana Price Prediction for Four Hours
According to expert technical analysis, SOL is currently at a crucial level, presenting a make-or-break situation for Solana. On the four-hour time frame, the asset has formed a bearish inverted head and shoulders pattern with a neckline at $136.
Meanwhile, the token has also been rejected from the 200 Exponential Moving Average (EMA) and a descending trendline, both of which have a strong history of triggering price reversals.
Based on recent price momentum, if Solana breaks below the neckline and closes a four-hour candle under $136, there is a strong possibility it could drop by 11% to reach the $121 level, with the potential for further declines.
Solana Price Prediction for a Daily Time Frame
Further, in the four-hour time frame, Solana also appears bearish on the daily chart, having formed a bearish engulfing candlestick pattern at a descending trendline with a history of triggering price declines.
The chart indicates that the Solana price prediction on the four-hour and daily time frames remains unchanged.
However, this bearish outlook will only be invalidated if Solana breaks above the descending trendline and closes a daily candle above the $147.5 level.
If this happens, there is a strong possibility that SOL could soar by 25% to reach the $183 level in the future.
Analyst Comments on Solana (SOL)
In addition to the above Solana price prediction, a prominent crypto expert recently shared a post on X (formerly Twitter) supporting Solana’s bearish outlook.
In the post, he noted that the TD Sequential indicator, which previously flashed a buy signal before a 20% rally, is now flashing a sell signal. This statement from the analyst is raising concerns about a potential price decline, suggesting that SOL may drop to $121.
Current Price Momentum
At press time, SOL was trading near $138, reflecting a 4% decline in the past 24 hours. Meanwhile, its trading volume dropped by 15% during the same period, indicating reduced trader and investor participation amid Solana’s bearish outlook.