Our Solana price prediction is on its way to flipping bullish as the price is signalling a double bottom. SOL price dipped to the lows of $25.86 last week as the Bitcoin price dipped below $20,000. However, the price showed strength by avoiding a lower low as Bitcoin plummeted to $17,600. At the time of writing, the Solana coin is trading at $36 after making a higher low at the weekend.
The whole crypto market has been in a slump for the past 6 months without any relief rally. The recent rate hikes from US FED have intensified the sell-pressure as investors are flocking toward less risky assets. The overall crypto market cap has slid below $1 Trillion from its November 2021 high of $3 Trillion.
Solana price is up by more than 10% today as Bitcoin price is trading close to $21,000. Overall, the SOL crypto price is still 86% below its November all-time high of $260. Much of this downtrend is being attributed to the ongoing recession fears.
According to Solana news today, a second governance vote has invalidated the previous plan to take over the whale wallet on the platform. The platform had to place severe community backlash after the previous vote in favour of the takeover.
Solana Price Prediction
Technical analysis of the Solana price chart shows that the price is forming a double bottom pattern. In the case of a 4H close above $36, price bulls may target $38.5 and $46 price levels in the near term. The $38.5 level target perfectly aligns with the 0.382 Fib retracement level, connecting the local high of $60 to the recent low of $25.86.
The measured move of the breakout from the double bottom pattern gives us a target of $46. This price target largely depends on Bitcoin’s price action in the coming days. In case of a Bitcoin daily close below $20k, our Solana price prediction would need to be updated.
SOL USD Daily Price Chart
