According to Matthew Dixon, the CEO of Evai, a cutting-edge crypto ratings platform powered by AI and ML, Solana’s native cryptocurrency (SOL) appears poised for an upward trajectory. Dixon’s chart analysis indicates that SOL has the potential to surge beyond its current price range and reach the impressive $35 price point.
SOL has been traversing a horizontal trajectory since scaling the height of $27.12 on February 20, 2023. This impressive feat was accomplished after the Layer 1 scalability-focused cryptocurrency experienced a remarkable 180% surge at the start of the year. However, SOL’s price has remained relatively stable, oscillating between $16.01 and $27.1, as per TradingView’s data.
Upon closer examination of the prevailing trend, Dixon astutely observed that SOL’s lateral pattern is infused with upward momentum, albeit with occasional downward corrections. Furthermore, he discerned that no divergences are evident on the chart. Considering these factors, Dixon prognosticates that SOL may be poised for an upward surge, as it appears to be nesting for such a move.
According to current reports, the SOL cryptocurrency has garnered the keen interest of investors closely monitoring its price movements. The coin’s current price is hovering around a crucial support level of $19.80, aligning with the 200 Moving Average – a widely recognized technical analysis tool that carries significant weight in the market.
If SOL manages to rebound from its current support zone, Dixon’s forecast may come to fruition, leading to a potential surge in price towards the established annual peak and beyond. Conversely, a verified breach beneath the present support level could embolden the bears, granting them greater control over the market and potentially driving SOL’s value down towards a retest of the next major support at $16.1.
According to CoinmarketCap, SOL ranks as the ninth largest cryptocurrency by market capitalization. As per the DeFi data aggregator, DeFi Llama, the total value locked (TVL) on Solana’s blockchain currently stands at $268.74 million, marking a 30% surge since the start of 2023. These figures highlight the impressive growth and potential of Solana’s blockchain technology.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
