Solana Price Prediction 2021 – Will SOL Hit $59 Soon?

Solana Price Prediction 2021 - Will SOL Hit $59 Soon?
  • Bullish SOL price prediction ranges from $29 to $58.
  • The SOL price might also reach $59.
  • SOL bearish market price prediction for 2021 is $12.

In SOL price prediction 2021, we use statistics, price patterns, ADX, and much other information about SOL to analyze the future movement of the cryptocurrency. 

Solana is a powerful open source project that uses the unauthorized features of blockchain technology to provide decentralized finance (DeFi) solutions. Although the idea and first work of the project began in 2017. Solana was officially launched by the Solana Foundation in March 2020. It is located in Geneva, Switzerland, and aims to improve scalability through Proof-of-History (PoH) and Proof-of-Stake (PoS) basic block Consensus .

Current Market Status of Solana (SOL)

According to Coingecko, the price of Solana is $28.78 with a 24-hour trading volume of $406,480,853 at the time of writing. However, SOL has increased by 3.5% in the last 24 hours, at the time of writing.

Moreover, SOL has a circulating supply of 272,637,122 SOL coins. Currently, SOL trades in cryptocurrency exchanges such as Binance, OKEx, Huobi Global, and Bilaxy.

Solana (SOL) Price Prediction 2021

Solana (SOL) holds the 14th position on CoinGecko right now. SOL price prediction 2021 explained below with a daily time frame. 

SOL/USDT Descending Triangle Pattern (Source: TradingView)

Descending Triangle pattern is a bearish pattern that is designed by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. There are instances when descending triangles form as reversal patterns at the end of an uptrend. But they are typically continuation patterns.

In the daily time frame chart,  if the price of the SOL breaks the resistance level of $37, it will reach the target of $59. Or else, the price of the SOL breakout will fall to the support level at $21.80. So, the trend of the SOL is based on the breakout.

Solana (SOL) Support and Resistance Level

The below chart shows the support and resistance level of Solana (SOL). 

SOL/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support levels of SOL.

  • Resistance Level 1 – $29
  • Resistance Level 2 – $38
  • Resistance Level 3 – $49
  • Resistance Level 4 – $58
  • Support Level 1 – $22
  • Support Level 2 – $17
  • Support Level 3 – $12

The chart depicts the bearish performance of SOL over the previous month. However, SOL will follow a bullish pattern and will rise. On the contrary, if the trend reversed then SOL might fall to $12 presenting a bearish signal.

Solana (SOL) Average Directional Index (ADX)

Let us now look at SOL’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

SOL/USDT ADX (Source:TradingView)

The above chart represents the ADX of SOL lies in the range at 28.4, so it indicates a strong trend.

Conclusion

The SOL is one of the cryptos which is great for long-term investment. In addition, SOL price prediction is bullish for a short-term. It has a good chance of reaching $58 within the end of this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the SOL ecosystem, the performance of SOL would rise reaching $49 very soon. But, it might also reach $59 if the investors believe that SOL is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.