Sol is having a rebound but is this rally just a small bounce or start of a fresh leg of buying in the crypto.
In this article, we will look at Solana price target by looking at the price chart and technical indicators.
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SOL Price Target
Price: $142.36
Market Capitalization: Approximately $60 billion
24-Hour Trading Volume: $3.5 billion
Circulating Supply: Approximately 421 million SOL
Total Supply: Approximately 511 million SOL
Price is in a Downtrend, however, it had a bullish breakout from Falling Wedge pattern, which could signal at least a temporary bullish trend reversal with +20% upside potential to $150, prior swing high. Stop Loss at $113 (prior swing low)
Technical Indicators
Relative Strength Index (RSI): At 65, indicating that SOL is approaching overbought territory.
Moving Averages
50-day SMA: $130
200-day SMA: $110
Support and Resistance Levels
Support: $135
Resistance: $150
Recent Developments
CME Group’s Solana Futures Launch: On March 17, CME Group introduced Solana futures contracts, offering both standard and micro-sized options.
Franklin Templeton’s Solana ETF Filing: In February, Franklin Templeton filed for a Solana-based exchange-traded fund (ETF), reflecting the expanding interest in cryptocurrencies beyond Bitcoin. The ETF is set to trade on the Cboe BZX Exchange, with Coinbase as the custodian.
Political Endorsement: Former President Donald Trump proposed that the U.S. government create a crypto reserve including Solana.
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