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- The Solana price corrected over 20% in the last two weeks and eyes a rebound.
- Solana’s price action echoes the early 2024 pattern, which signals a potential upside ahead.
Solana’s (SOL) price hit an all-time high of $264 on November 23. However, it failed to enter the discovery phase and remained in a state of consolidation. Despite the Solana price correction of over 20% from the ATH levels, it has been holding gains near the $200 mark.
Amidst the pessimistic outlook in the short term, the long-term trend was still intact. Furthermore, it signaled a bull run in the coming weeks. It mirrors a similar pattern from January 2024, which led to a triple-digit rally in Q1 2024.
At present, following a sharp rebound from similar lows, the SOL price action conveyed a similar structure. Hence, if Solana continues to replicate this pattern, it could possibly surge to $420 in Q1 2025.
The recent price action was almost in line with the move witnessed early in the year. That had led to huge gains.
The question arises with increasing consistency in Solana and historical patterns serving as a potential indicator. Can the Solana price maintain the same trend in Q1 2025 as in early 2024?
Solana Price Could Reach $300: Analysts Weigh In
A recent tweet by Greeny highlighted that the SOL price has formed a bullish flag pattern. Moving ahead, it is currently consolidating around the $200 support zone.
A breach above the trendline barrier of $220 could permit the bulls to retest the ATH zone. If it succeeds in holding the ATH levels, it could go toward the $300 level in the coming sessions.
At press time, the Solana price traded at $210.90, noting an intraday drop of over 2.72%. Its market cap has fallen to $100.23 Billion, ranked 5th among the top crypto coins.
Amidst this, the daily active addresses soared over 2.30% to 7.7 Million. It showed growing confidence among investors for the network. Similarly, Coinvo said Solana’s chart structure replicates a buy signal and could see a massive parabolic upswing ahead.
It currently forms a series of lower highs and lower lows and was engaged in completing the 4th retracement wave. It could regain traction and reclaim the ATH zone once it rebounds from the lower trendline support zone.
Solana Price Prediction: Key Levels to Watch
The SOL price has retested the 100-day EMA level in the daily timeframe and attempted to rebound. Its long term uptrend was intact and SOL could see an upswing in the coming sessions.
Once the trendline hurdle of $220 is cleared, a short squeeze can be anticipated in the following sessions. Data from Coinglass revealed that the Futures Open Interest has dropped over 1.95% to $5.29 Billion.
However, the OI-weighted funding rate remained positive at 0.0052%. That signified a sustained demand for the long positions. The immediate support zones for the Solana price were $200 and $192. At the same time, the upside hurdles were $220 and $230.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
