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- In this Solana price prediction article, find out why SOL is primed for an extended upside after reclaiming $150 support.
Solana price has returned to the upside after snapping a three-day losing streak on Monday. The SOLUSD pair was up by 1.9%, with the coin trading at $150.85 at press time. By reclaiming that psychological level, SOL has raised the prospect of retesting the seven-week highs of $157, which it hit last week. That underlines the $160 mark as the near-term resistance hurdle this week.
SOL’s surge comes on the heels of news that DeFi Development Corporation applied to Securities and Exchange Commission (SEC) to purchase $1 billion worth of the coin. The company previously operated as a commercial real estate lending company and currently owns $48 million worth of Solana. It aims to raise the new funds through the equities. Such a substantial purchase underscores the coin’s strong institutional appeal, which favours continued Solana price prediction towards the upside.
However, Solana-based meme coins have underperformed in recent weeks, failing to replicate their strong performance recorded in March. That will likely limit SOL utility and Solana price prediction at that point will tilt towards the downside. Meanwhile, the coin’s RSI was at 57 on the 4-hour chart at the time of writing, affirming bullish control. However, the Average Directional Index (ADX) reading was at 17, signaling a weak upward trend. A continuation of the same will limit Solana price gains.
Solana Price Prediction
On the chart below, SOLUSD pivots at $ 149.50. The coin will likely meet initial resistance at $ 57.70. Breaking above that level will signify a stronger momentum that could take the action higher to encounter the second hurdle at $ 153.45.
On the other hand, breaking below $ 149.50 will shift the momentum to the downside. That will likely see the first support level established at $ 147.95. Action below that level will invalidate the upside narrative. In addition, an extended control by the sellers could lead to further SOL price losses to test the second support at $ 146.20.
