Solana Price Prediction: Is This SOL Dip Worth Buying?
Solana (SOL) price has perfectly met my bullish price target of $75 which was given in my last analysis. Even though SOL crypto is having a pullback today due to negative Bitcoin price action, the outlook remains positive as the SOL/BTC pair is looking very bullish.
At the time of writing, Solana is trading at $69.66 after a strong recovery from the daily lows of $64.18. On the daily timeframe, this translates into a 7% drop on Monday. This negative price action can be attributed to a 4% correction in BTC which is the leading digital asset.
If we analyze SOL/BTC chart we can see that it is showing incredible strength against Bitcoin. This shows that bulls still have a lot of gas left in the tanks and may target new yearly highs soon. Therefore, as long as the SOL price holds $0.00163 support against Bitcoin, its outlook will remain bullish.
The immediate bullish target for the Bitcoin pair of Solana seems to be the November high of 0.00182. A move towards this level may result in a strong surge in the SOL/USD pair as well, which is currently facing resistance from $75.
Solana Price Prediction
The following chart shows that while my previous Solana price prediction has been perfectly met, there is still a strong possibility of another bullish leg. Therefore, if the bulls reclaim $75, I expect a strong move toward $92 which is an important Fibonacci retracement level.
Another important Fib level seems to be the $105 level which comes after connecting the all-time high of $260 to the bear market low of $8. However, this forecast may change in case of a major correction in Bitcoin price which is so far holding up above $42,000.
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