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Solana (SOL) Price Jumps 50% – Is Capitulation Over?

2 mins
Updated by Geraint Price
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In Brief

  • SOL has broken down from the $29 horizontal support area.
  • There is long-term support at $13.50.
  • The weekly and daily RSI are bearish.
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The Solana (SOL) price has increased over the past two days but could still be in a relief rally. An eventual re-test of $13 is the most likely scenario.

The Solana price has decreased since reaching an all-time high price of $253.30 in Nov. 2021. Initially, the Solana price bounced at the $29 horizontal support area. However, it finally broke down on Nov. 9 and proceeded to reach a low of $12.37 in Nov. 2022. 

Prior to the breakdown, this long-term area had been in place for 567 days. The weekly RSI supports the decrease. It has broken down from its bullish divergence line (green line) and is decreasing.

Afterward, the Solana price fell to a low of $12.37 and bounced. The bounce created a long lower wick and validated the $13.50 horizontal area as support. 

So, the most likely Solana price prediction is trading between the $13.50 and $29 areas, with the latter acting as resistance.

Solana (SOL) Price Prediction Weekly
SOL/USDT Chart By TradingView

Solana Price Prediction: Short-Term Relief or Reversal?

The technical analysis from the daily chart supports the scenario in which the SOL price does not reclaim the $28.75 area. The main reason for this is that the area is both a horizontal resistance in the daily time frame and the 0.618 Fib retracement resistance level (white). 

Furthermore, the RSI is below 50 and has not generated any bullish divergence. While the Solana price has increased over the past 24 hours, possibly due to lower-than-expected CPI reading, there are no clear bullish reversal signs yet.

To conclude, the price forecast can be considered bearish as long as the SOL price does not reclaim the $28.75 resistance area.

Solana (SOL) Short-term price
SOL/USDT Chart By TradingView

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)