Solana Price Prediction 2022 — Will SOL Hit $270 Soon?

Solana Price Prediction 2022 — Will SOL Hit $270 Soon?
  • Bullish SOL price prediction is $121.57 to $260.78.
  • The SOL price will also reach $270 soon.
  • SOL’s bearish market price prediction for 2022 is $21.92.

In Solana’s (SOL) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and much other information about SOL to analyze the future movement of the cryptocurrency. 

Solana Current Market Status

According to CoinGecko, the price of SOL is $89.11 with a 24-hour trading volume of $1,476,559,260 at the time of writing. However, SOL has decreased nearly 8.2% in the last 24 hours.

Moreover, SOL has a circulating supply of 319,790,486 SOL. Currently, SOL trades in cryptocurrency exchanges such as Binance, OKX, BitCoke, DigiFinex, and FTX. 

What is Solana (SOL)?

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. Solana is referred to as the cryptocurrency space because of the incredibly short processing times the blockchain offers. The Solana protocol is intended to serve both small-time users and enterprise customers alike. The proof-of-stake (Pos) consensus is used as a monitoring tool for the Poh processes, and it validates each sequence of blocks produced by it.

Solana Pros and Cons

The Solana ecosystem contains many pros and cons. Now let us see some of them

Pros

  • Solana leverages sharding technology to maintain its rate of transactions as well as its energy efficiency.
  • Solana technology allows users to process all the transactions, no matter how small or big they are, at an extremely fast pace while still leveraging decentralization for governance and security purposes.
  • Solana will be able to process transactions at a very fast speed, making sure that users do not have to spend so much money in the process.
  • Streams transactions without waiting for global consensus, without sacrificing security.
  • The performance of Solana is predicted to be very high since it has been designed to scale with the developments coming from the blockchain sector.
  • Solana was supported by the big players in the industry like FTX exchange and Alameda Research.
  • As per Solana whitepaper, it does not rely only on transaction fees, but also on ecosystem development and value creation.
  • The applications of blockchain technology are not limited.

Cons

  • Solana has not gained much traction by users because of its low user base, which makes it very hard for the token price to increase at all.
  • In the Solana project, a not yet clear roadmap was created.
  • MAnyimplementation still await its launch on the Mainnet Beta version.
  • The satisfactory hardware setup for Solana is relatively costlier.
  • Solana has been criticized for not being decentralized enough.
  • The Solana network doesn’t work smoothly as advertised.
  • The distribution and emissions schedule makes it unattractive.

Solana (SOL) Price Prediction 2022

Solana holds the 8th position on CoinGecko right now. SOL price prediction 2022 is explained below with a weekly time frame.

SOL/USDT Falling Wedge Pattern (Source: Tradingview)

The falling wedge is a bullish price pattern that represents a story about the market in which bulls are preparing for another push. A falling wedge pattern is bullish, although it appears after a bearish trend. The falling wedge pattern works as both a trend work as a trend reversal and trend continuation pattern. If the falling wedge appears in a downtrend, it is considered a reversal pattern. A falling wedge is an important technical formation that signals that the correction, or consolidation, has just ended as the asset’s price left the wedge to the upside and, in most cases, the continuation of the overall trend is taking place.

Currently, SOL is in the range of $89.11. If the pattern continues, the price of SOL might reach the resistance level of $105.86 & $119.89. If the trend reverses, then the price of SOL may fall to $87.01.

Solana (SOL) Support and Resistance Level

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

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

From the above daily time frame, it is clear the following are the resistance and support levels of SOL.

Resistance Level 1$121.57
Resistance Level 2$181.32
Resistance Level 3$260.78
Support Level 1$85.86
Support Level 2$59.70
Support Level 3$38.20
Support Level 4$21.92
SOL Resistance & Support Level

The charts show that SOL has performed a bullish trend over the past month. If this trend continues, SOL might run along with the bulls overtaking its resistance level at $260.78

Accordingly, if the investors turn against the crypto, the price of the SOL might plummet to almost $21.92, a bearish signal.

Solana Price Prediction 2022 — RVOL, MA, and RSI

The Relative Volume (RVOL) of SOL is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, the RVOL of SOL lies below the cutoff line, indicating weaker participants in the current trend.

SOL/USDT RVOL, MA, RSI (Source: TradingView)

More so, the SOL’s Moving Average (MA) is shown in the chart above. Currently, SOL is in a bearish state. Notably, the SOL price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of SOL at any time.

Meanwhile, the relative strength index (RSI) of the SOL is at level 36.62. This means that SOL is in a nearly oversold state. However, this means a major price reversal of SOL may occur in the upcoming days. So, traders need to trade carefully. 

Solana Price Prediction 2022 — ADX, RVI

Let us now look at Solana’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.

SOL/USDT ADX, RVI (Source: TradingView)

The above chart represents the ADX of Solana. Currently, SOL lies in the range of 16.09 so it indicates a weak trend. From the above chart, the Relative Volatility Index (RVI) of SOL. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of SOL lies above the 50 levels, indicating that the direction of volatility is high. In fact, SOL’s RSI is at 36.62 level thus confirming a potential sell signal.

Comparison of SOL with BTC, ETH

The below chart shows the price comparison between Bitcoin, Ethereum, and Solana.

BTC Vs ETH Vs SOL Price Comparison (Source: TradingView)

From the above chart, we can identify the trend of the ETH, BTC, and SOL is moving at the same level as the trend. This indicates that when the price of BTC increases or decreases, the price of ETH and SOL also increases or decreases respectively.

Conclusion

With continuous improvements in the Solana network, we can say that 2022 is a good year for SOL. For this reason, the bullish price prediction of Solana in 2022 is $260.78. On the other hand,  the bearish SOL price prediction for 2022 is $21.92.

Furthermore, with the advancements and upgrades on the SOL ecosystem, the performance of SOL would help to reach above its current all-time high (ATH) $259.96 very soon. But, it might also reach $270 if the investors believe that SOL is a good investment in 2022.

FAQ

1. What is Solana?

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions.

2. Where can you purchase SOL?

SOL has listed on many crypto exchanges which include Binance, OKEx, FTX, Huobi Global, and Bybit.

3. Will SOL reach a new ATH soon?

With the ongoing developments and upgrades within the SOL platform, it has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Solana?

On Nov 6, 2021, SOL reached its new all-time high (ATH) of $259.96.

5. Is SOL a good investment in 2022?

Solana (SOL) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of SOL in the past few months, SOL is considered a good investment in 2022.

6. Can Solana (SOL) reach $270?

Solana (SOL) is one of the active cryptocurrencies that continue to maintain its Bullish state. Eventually, if this bullish trend continues then Solana (SOL) will hit $270 soon.

7. What will be the SOL price by 2023?

Solana (SOL) price is expected to reach $284 by 2023.

8. What will be the SOL price by 2024?

Solana (SOL) price is expected to reach $293 by 2024.

9. What will be the SOL price by 2025?

Solana (SOL) price is expected to reach $300 by 2025.

10. What will be the SOL price by 2026?

Solana (SOL) price is expected to reach $315 by 2026.

Disclaimer: The opinion expressed in this chart solely author’s. It does 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.