Today’s forecast shows that the Solana market is outperforming the U.S. dollar against Bitcoin. In this prediction, it can be observed that the cryptocurrency is trying to break out to the upside. This can be seen in the price action against the USD in the price channel and the upward sloping triangle on the SOL/BTC chart.
Binance Coin forecast stats:
Current Price of Solana Coin – $44.00 Solana Coin Market Cap – $15.2 Billion Solana Coin Circulating Supply – 346.2 Million Solana Coin Total Supply – 511.6 Million Solana Coin Coinmarketcap Rank – #9
Resistance: $40.00, $42.00, $44.21 Support: $43.50, $41.50, $36.70
Furthermore, the SOL has been trading in a small uptick since the beginning of July until now. But let’s take a look at this market and some expectations going forward.
Solana Coin Value Prediction: SOL Minimum Upside Gain
Considering the SOL/USD daily chart, it can be observed that the cryptocurrency has been trading in an upward sloping fashion. However, there was some fake action at some point, but the price action held the upward sloping channel more consistently.
In addition, the Stochastic Relative Strength indicator also reflects the way the price moves. We can see that the last downside correction occurred above the overbought area, higher than the previous one. So, this depicts a slightly upward sloping way of price action, as shown in the chart. Subsequently, the conclusion from here is that Solana may be more profitable in hourly trading than in longer weekly or monthly trading. Furthermore, the SRSI heralds another reversal to come, as the indicator’s curves are about to cross each other below the overbought zone. Eventually, the value of the cryptocurrency could reverse up to $45. Therefore, traders of this currency pair can expect this level.
Solana Coin Value Prediction: SOL shows more optimism in this regard
Also, on the SOL/BTC chart, the coin is showing some optimism as it trades in an upward sloping triangle. This movement developed on June 13th as the value of the cryptocurrency rose until after June 20th, reaching a value of around 0.00200. Following this trend was a correction that caused the pair to trade sideways generally. Nonetheless, the cryptocurrency’s movement patterns within the aforementioned patterns suggest that we may see an upward breakout.
The SRSI indicator provides more information on upcoming events. This can be seen as the indicator’s curve rising up from the oversold region. Also, looking at the current position of the indicator lines, we can assume that a breakout is possible. Therefore, Solana’s value against Bitcoin may reach around 0.00200 and higher support could be found from there.
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