Analysis
Solana to go past $230? Here’s your April price prediction…
Despite Solana bouncing to $191 in the past 20 hours, speculators are unwilling to go long.
- Solana could reach $240 and $260 quickly if this pattern plays out.
- The data from Futures markets highlighted bearishness and sidelined speculators.
Solana [SOL] formed a bullish flag pattern that would likely see prices rally past $200.
AMBCrypto also analyzed the market sentiment and found that buyers were dominant despite the market-wide setback in the past three days.
On the other hand, there were reports of whales sending SOL to exchanges
, which could ramp up the selling pressure once more. How should investors respond to these conflicting signals?Examining the pennant formation
Source: SOL/USDT on TradingView
The swing low that SOL needs to fall below to flip the H12 market structure bearishly was at $162.45. The past month saw SOL form a bullish pennant pattern, highlighted in purple.
When the upper trendline is broken and retested, a breakout will be confirmed.
The trading volume within the pennant has trended downward and the OBV moved sideways as a result. Meanwhile, the RSI was meandering about the neutral 50 mark.
It showed momentum favored neither bulls nor bears at press time.
Based on the flagpole length, a breakout could take Solana prices to $240. This has confluence with the 23.6% Fibonacci extension level.
The resistance levels above $200 were sparse, and a breakout could fuel a move to $260.
The short-term sentiment was bearish
Source: Coinalyze
The Open Interest and the funding rate declined since the 1st of April as prices fell from $204 to $177.
Read Solana’s [SOL] Price Prediction 2024-25
Despite Solana bouncing to $191 since then, the futures market participants were unwilling to go long on the asset.
The spot CVD also saw a blip over the past two days but began to recover in recent hours. This pointed toward demand in the spot markets and supported the idea of a Solana breakout.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
