Solana Price Prediction: After hitting a new all-time high at $58.4, SOL retraces

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TL;DR Breakdown

  • Solana price prediction highlights the cryptos recent ATH at $58.4.
  • After hitting a new milestone, Solana is currently retracing.
  • With the ongoing bearish trend in the crypto market, Solana’s price breakdown could extend to 15 percent.
  • If Solana breaks down past the 50 percent Fibo retracement level at around $39.6, all gain will be invalidated.

The last few days have been difficult for cryptocurrencies in the market. Ethereum and Bitcoin are currently experiencing sharp price declines while the entire market struggles to stay afloat. Despite the harsh conditions, Solana is one of the few crypto assets that have proved their worth by recording new price milestones.

Solana Price Prediction: General price overview

During the May 15 trading session, Solana managed to pull a bull flag price surge that saw the crypto coin appreciating by about 15 percent. The price movement saw the crypto coin move past the upper trendline to record an impressive bull run past the $50 mark. According to the May 15 Fibo predictions, the crypto asset was projected to hit newer milestones at around $67 and $72 price ranges. However, things failed to remain constant due to the ongoing bearish market environment.

On May 17, Solana was the only crypto asset among the top 25 cryptocurrencies to trade on the green. During the day’s trading, Solana appreciated by 4 percent to exchange hands at around $52. Additionally, the coin’s trading volume saw an impressive 220 percent surge, pushing it to $2.5 billion. At the time of writing, Solana has a market capitalization of $12.2 billion, making it the 17th most significant cryptocurrency, according to CoinMarketCap.com.

Solana price movement in the past 24 hours

Solana Price Prediction: After hitting a new all-time high at $58.4, SOL retraces 1
Source: TradingView

According to Solana’s price movement in the past 24-hours, the crypto coin seems to have started showing bullish fatigue on May 19. During today’s early morning trading session, Solana registered a minor price retracement that pushed it to its immediate demand level. According to key technical indicators and market trends, there is a high probability this support region is going to be breached. If this happens, Solana will test a crucial level before embarking on an upward price movement.

At the time of writing, Solana is exchanging hands at around $42.65, slightly lower the demand region that ranges from $45 to $52. Considering the bleeding market structure of virtual assets, Solana is likely to register further price declines before embarking on a new bull run. Surprisingly, the Momentum Reversal Indicator (MRI) started flashing warning signs before the price breakdown commenced. The MRI expressed this warning sign by flashing a yellow down arrow on Solana’s 24-hour chart.

Solana 4-hour chart

Solana Price Prediction: After hitting a new all-time high at $58.4, SOL retraces 2
Source: TradingView

According to the 4-hour chart, Solana is currently forming a technical formation that suggests the crypto coin might embark on a significant bull run after stabilizing. If this happens, a red 12-hour candlestick will appear in the price chart. If this happens, Solana will register a one-to-four candlestick price correction. At present, investors should be on the lookout for Solana’s demand zone that currently ranges from $43 to $51.

Conclusion

Judging from market trends and key technical indicators, Solana is likely to plunge towards the 60.9 percent Fibo retracement level at around 43.5. Investors should keep a close eye on this level as a price reversal is highly anticipated. In the event of a reversal happens at the 60.9 percent Fibonacci retracement level, Solana will retest its current ATH at $58.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.