Solana price prediction: What could delay SOL’s rise to $180?
The cumulative liq levels delta was positive and could see a minor price dip like it did on Thursday.
- Solana could see a couple of days of choppy trading.
- The bullish Bitcoin move could lead SOL past the nearby resistance.
Solana [SOL] saw a breakout past a key level in the past 24 hours, but was still beneath a stiff resistance zone.
The technical indicators showed bullish strength, but the trading volume was not notably high despite the steady buying pressure.
Investors with a high time horizon would be glad to learn that Solana’s network metrics are more robust than those of Ethereum [ETH]. This user engagement could see a massive market cap growth in the coming months.
Solana price prediction: Caution in the short-term
As outlined in an earlier report, the $154 level was key because it was both the long-term range’s mid-point and the 50% retracement level based on the SOL rally in March.
Since August, this level has been breached thrice, but the previous two rallies were halted under the $162 resistance.
This move might meet a similar fate. The sizeable liquidity pool around the $162-$165 zone could be swept before a bearish reversal.
The momentum was bullish, but the MFI was unable to climb past 72 even though the price made new local highs. This could be an early warning of a price reversal.
The choppiness index burst past 61.8 in the past three days as Solana struggled to crack the $154 level. It has begun to drop, but according to the indicator, a strong trend was not in progress.
Buying was slow but consistent
The Open Interest remained near the month’s highs to indicate increased activity in the futures market. It is generally indicative of bullish short-term sentiment.
The spot CVD halted the downtrend of mid-September and over the past week has slowly climbed higher. The slow spot demand could be another sign that the breakout past $162 could take time.
Read Solana’s [SOL] Price Prediction 2024-25
The cumulative liq levels delta was positive and could see a minor price dip like it did on Thursday. Potential targets would be $155 and $152 in case of such a dip.
A sustained drop below $146 would signal short-term bearishness. The Solana price prediction remained positive on the higher timeframes, such as the weekly.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
