- Summary:
- Solana price has reclaimed its Volume Weighted Moving Average (VWMA) and $127 is a key inflection point that could trigger a reversal.
Solana price traded upwards on Saturday, following the cue set by market bellwether, Bitcoin and mirroring the broader crypto market. SOL has been trading below $127 for the better part of the last two weeks, and breaking above that level could trigger a bullish reversal.
The coin trades at $124 and up by 2.3% as of this writing. In addition, it is up by 1.2% on the daily chart. In addition, the Average Directional Index (ADX) on the daily chart is at 28 on the 2-hour chart, signaling that the upward trend is strengthening.
Furthermore, Solana’s 24-hour trading volume has risen by 2.5% to $4.13 billion. That indicates rising investor appetite for the coin despite the price rise, and adds credence to the likelihood of upward trajectory prevailing.
SOL has recently broken above the Volume Weighted Moving Average (VWMA), currently at $119 on the daily chart, which has strengthened the upward traction in the near-term.
The medium-term Solana price action could also be boosted by approval of its ETF filings. Investment companies, Franklin Templeton and Fidelity are among those that have filed for Solana spot ETF approvals. That signals strong institutional interest that could help SOL price sustain an uptrend in the long term.
Solana Price Prediction
Solana price pivot mark is at $121 and the momentum favours the buyers to be in control above that level. The coin will likely meet the first resistance at $128. However, a stronger momentum will break above that level and could push the price higher to test $130.
Alternatively, the downward momentum could set in if the price breaks below $120. With the sellers in control, the SOLUSD trading pair will likely go lower to find the first support at $115. The upside narrative will be invalid if the price breaks below that level. That will likely take the action lower to test $111.
