Key Insights:
- Solana price prediction suggests that SOL’s upside rally could begin only after it breaches and closes a daily candle above $184.
- A crypto expert noted that SOL appears to be repeating its historic pattern, which could lead to a massive upside rally.
- Exchanges registered $44 million worth of SOL outflows, indicating potential accumulation amid the market dip.
Solana (SOL), the world’s fifth-largest cryptocurrency, is attracting widespread attention from long-term holders who have been steadily accumulating tokens despite the price struggling to gain momentum.
For weeks now, SOL’s price has been consolidating within a range between $164 and $183, and it seems likely to continue doing so until this pattern is broken.
Expert Views On Solana (SOL)
According to posts on X (formerly Twitter), experts and analysts are closely monitoring the current price action. Recently, a post has gone viral in which an expert noted that SOL is repeating its historic 2023 pattern, which previously led to a significant rally, now raising expectations for similar upside momentum.
Meanwhile, another expert shared a post suggesting that SOL could soon reach $200 in the coming days.
However, the sentiment-identifying tool indicates a bullish outlook for Solana (SOL), supported by positive crowd sentiment and strong whale activity.
Current Price Momentum
At press time, SOL was trading around $174, showing relative stability over the past 24 hours with a minor decline of 0.50%. Due to ongoing market uncertainty and price consolidation, participation from traders and investors has plummeted, leading to a 54% drop in recorded trading volume.
This decline in trading volume amid market uncertainty indicates fear among participants, which weakens momentum and could lead to further decline if the current market sentiment remains unchanged.
Solana (SOL) Price Action and Technical Analysis
According to expert technical analysis, Solana price prediction suggests that the asset is currently in a zone where a breakout or breakdown could determine its upcoming rally. As per the daily chart, SOL price has been consolidating near a strong resistance level of $185.
Although this level has a strong history of price reversals—the last time SOL reached this level, it experienced downside momentum—the ongoing consolidation appears to be a bullish sign for SOL holders, indicating potential accumulation.
Solana Price Prediction
Based on recent price action and historical patterns, if the SOL price breaches the resistance level and closes a daily candle above $185, the Solana price prediction suggests that the asset could soar by 40%, reaching the $260 level.
On the other hand, if the SOL price falls and closes a daily candle below the $162 level, the Solana price prediction suggests that the asset could drop to the $153 level in the future.
Besides the unclear Solana price prediction, SOL’s Relative Strength Index (RSI) currently stands at 57, indicating that the asset is near the overbought area but still has enough room to skyrocket in the coming days.
$44 Million Worth of SOL Outflow, Time to Buy?
Given the current market conditions, on-chain metrics reveal that long-term holders have been potentially accumulating SOL as the price continues to consolidate.
Data from spot inflows/outflows show that exchanges across the crypto market have registered a significant outflow of $44 million worth of SOL over the past 48 hours.
Such outflows during a sideways market indicate accumulation and can cause buying pressure and an upside rally.