Solana Price Prediction as SOL Becomes 5th Most-Traded Coin in the Market – Can SOL Overtake Ethereum?

Arslan Butt

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| 2 min read

Solana price prediction Feb 4, 2024

Solana price prediction takes center stage as SOL ascends to the fifth spot among the most-traded cryptocurrencies, sparking discussions on its potential to rival Ethereum.

With its price at $96.50, despite a 2.50% dip over the past day, Solana’s substantial $1.3 billion trading volume underscores its growing prominence.

Holding a commanding market capitalization of $42.07 billion and a circulating supply of 436 million SOL coins, the digital asset showcases significant momentum.

This surge in activity and investor interest places Solana in a pivotal position for future market dynamics, prompting speculations about its trajectory and comparisons with leading cryptocurrencies.

Solana Price Prediction

Analyzing the 4-hour chart, the pivot point is identified at $97.69, suggesting a nuanced balance point for future price directions.

Immediate resistance levels are positioned at $100.03, $102.56, and $105.47, indicating potential ceilings for upward price movements.

📉 #SolanaPricePrediction Feb 4: SOL shows bearish signs, trading below $97.69 pivot. Resistance at $100.03, $102.56, $105.47. Support at $94.91, $92.96, $90.66. RSI at 42 & 50-EMA at $98.40 suggest a selling trend. Watch for potential downtrends. #SOL #CryptoMarket pic.twitter.com/rwZKdPfMzh

— Arslan Ali (@forex_arslan) February 4, 2024

Conversely, support levels are found at $94.91, $92.96, and $90.66, marking thresholds for possible pullbacks.

The technical indicators present a mixed sentiment. The Relative Strength Index (RSI) at 42 hints at a slight bearish momentum, suggesting a lack of strong buying pressure at the moment.

Solana Price Chart
Solana Price Chart – Source: TradingView

The 50-day Exponential Moving Average (EMA) standing at $98.40 further underscores the current bearish trend, as the price resides below this average.

Chart patterns reveal a symmetrical triangle breakout below the $97.69 level, indicating a potential continuation of the selling trend.

This is further confirmed by the presence of a bearish engulfing candlestick pattern below the pivot, reinforcing the bearish outlook for Solana.

In conclusion, Solana exhibits bearish tendencies below the $97.69 threshold.

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