Market Analysis

SOLANA PRICE ANALYSIS & PREDICTION (March 8) – Sol Confirms Next Leg Up With A Break, Expect Big Moves Soon

After witnessing a sudden crash a few days ago, Sol saw an unprecedented surge in volume in the last two weeks. The price is up 10% in the last 24 hours, ready for a huge price movement on the daily chart.

While Bitcoin recently reclaimed its all-time high, most major altcoins have followed suit but are still trading far from their ATH despite breaking out of their previous high in the past weeks.

However, Sol appears lagging, but it is still trying to catch up in the latest altcoins rally following a notable increase in the past week. This brought a full price recovery in the market and the price now looks strong on the weekly chart.

Considering last week’s break above the $127 level, which signals a bullish continuation from a long-term perspective, we can expect a big upward movement soon.

Unfortunately, buying volume dropped earlier this week and the price slipped to a weekly low of $105. Following a quick buyback, the price recovered sharply from the dip, increasing to a current trading price of $140. 

It is currently footing a fresh increase. A daily close above the weekly $142.7 high will likely activate the anticipated rally. The bears are in disbelief at the latest increase as they may continue to suffer huge losses.

SOL’s Key Level To Watch

Source: Tradingview

Surging through the mentioned weekly high, the closest area of interest for the bulls is $150, followed by the daily $160 resistance. If the price breaks higher, the next line of resistance would be $180 before tapping $200.

The $130 level is currently acting as daily support. If a pullback occurs and the price drops below the $126.3 support, the subsequent level to keep in mind would be $117 and $107.5.

Key Resistance Levels: $142.7, $160, $180

Key Support Levels: $126.3, $117, $107.5

  • Spot Price: $140
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: alexandarilich/123RF // Image Effects by Colorcinch

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