The Cryptocurrency market has been on a remarkable streak in recent days. Although meme and AI tokens lead the returns, large cap coins also boast outstanding performances. In this work, we perform a technical analysis of Solana’s native token, SOL. It analyzes the possible forecasts of the price of the currency.
Solana (SOL) technical analysis
This work focuses strictly on the technical analysis of the Solana token. This means that it leaves out elements of fundamental analysis such as news and macroeconomic data. Meanwhile, the technical data belongs to the CoinCodex portal.
This portal applied a total of 30 technical analysis indicators to SOL, of which 26 suggest bullish momentum in the short term. Meanwhile, 4 of them point towards a price decline. For its part, the fear and greed index shows a score of 64, which means that the market is willing to take risks. The 16 green days in the last month suggest that the chances of positive returns are over 53%.
Solana’s year-on-year performance exceeds 700%. Source: CoinMarketCap
At the same time, the MSA of 50 in the short term also appears solid in positive terms for the currency. The RSI points to 63.75, which means it is neutral. It should be noted that this indicator suggests a score of 30 or lower in oversold. Meanwhile, an overbought is equivalent to a score of 70 or higher.
On the other hand, the market confidence index from the same portal expresses overwhelmingly positive terms. Thus, 87% of the market expects SOL to take a bullish direction, while 13% have bearish expectations.
Market sentiment index on SOL. Source: CoinCodex
Token price prediction
At this point, we move on to review price predictions in the short, medium and long term. Before continuing, it should be noted that these are forecasts based on technical analysis of Solana (SOL), that is, on historical behavior. This implies that any news or contextual fact can cause complete changes in price direction.
With that said, we move on to the forecasts for this week ending October 4. As shown in the image below, the prices are positive, although not in large dimensions. In fact, the projected return for one week is 0.41%.
SOL weekly price forecast. Source: CoinCodex
In terms of the long term, the projection is much greater. In the best case scenario by 2025, the price of the token could reach $404 per coin. By 2027 it would present a correction and in 2029 it would again establish historical highs.
SOL forecast in the medium and long term. Source: CoinCodex
Data to take into consideration
- The predictions of this work are exclusive to the CoinCodex portal and not CriptoTendencia. Performance and price data were taken from CoinMarketCap and Messari.
- Predictions on the Solana token (SOL) are based on technical analysis, that is, historical data. Thus, these could change in the event of unforeseen news.
- SOL is the native token of the Solana multi-purpose network. It is one of the most important and advanced networks in the crypto environment. The token is one of the largest in market capitalization.
Disclaimer: This prediction is based on historical trends and technical analysis. Cryptocurrency prices are highly volatile and can be affected by external factors. Investors should do their own research before making investment decisions.
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