Solana (SOL) price action remains a focal point for investors, with the asset trading at around $101.85 and a volume of $1.5 billion over 24 hours.

Amidst market fluctuations, Solana’s valuation stands resilient, holding a market cap of roughly $44.93 billion, ranking it fifth on CoinMarketCap.

The Solana price prediction hinges on whether it can maintain the $98.60 support level, setting a critical juncture for its future trajectory in the dynamic cryptocurrency landscape.

Solana Price Prediction

The critical pivot point for SOL/USD is observed at $98.60, a level which, if upheld, could steer Solana away from bearish territory. Immediate resistance is encountered near $105.97, with further barriers at $110.54 and $114.74.

On the downside, support levels are placed at $94.24 and $89.36, with an additional potential floor at $85.51.

Solana Price Chart

The Relative Strength Index (RSI) presently stands at 42, hinting at a bearish momentum as it sits below the midline of 50.  This could indicate that sellers currently have the upper hand in the market.

However, the emergence of a Doji candle at the support level of $98.60 signals a potential reversal in this sentiment. Should Solana sustain above this level, a shift to bullish momentum could be triggered.

#Solana Price Prediction Update Key pivot for #SOLUSD is $98.60. Holding above could shift trend from bearish to bullish. Watch resistance at $105.97, $110.54, $114.74 and support at $94.24, $89.36. RSI suggests seller’s market, but Doji candle hints at potential reversal. pic.twitter.com/WDuA0FnQP2

— Arslan Ali (@forex_arslan) February 24, 2024

The 50-day Exponential Moving Average (EMA) at $107.25 further cements the significance of the current price movements.

A recent downward trendline breakout at $110.50 and the fall below the $105.80 level have initiated a sharp selling trend, but the current support has brought a pause to the decline, introducing the possibility of a rebound.

Solana Market Analysis and Forecast

The technical patterns suggest that Solana is at a crossroads, with its next move highly contingent on the market’s response to the $98.60 support level.

A breach below this point could lead to an extension of the selling trend towards the lower supports at $94.25 and potentially down to $89.36.

Conversely, maintaining above $98.60 could invalidate the bearish outlook and set the stage for a recovery towards the immediate resistance levels.

Conclusion: The overall trend remains cautiously bullish above $98.60.

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