Is it too late to buy Solana? Crypto experts give their Solana price predictions

by Arthur · February 15, 2023

Price action remains dangerous for Solana (SOL) as bulls struggle to get the rally back on track.

With a current trading price of $21.73 (a 24-hour change of -0.51%), Solana continues to fight to hold the rally structure – but the verdict is nearing.

Like most risk assets, SOL has had a steady rise into the new year. With bulls riding high on the back of positive macro sentiment throughout January.

In fact, a bullish Bitcoin (BTC) – fueled by a rally in the S&P500 and dovish sentiment from Powell – has ignited the markets.

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Solana (SOL) rally running out of steam?

But some fear that the SOL rally may run out.

The start of February saw weeks of hammering against key resistance at the $22.50 rejection.

The subsequent regrouping has been a messy 10-day affair. On February 9, Solana price fell critically below the stable 200-day MA.

The rally chart structure remains as the bulls quickly captured support and found local legs at $20.00. Nevertheless, SOL is not out of the woods. Caught in a consolidating pattern between the 200-day MA and the vitally supportive lower trendline.

This dangerous pendant is forced to the head. Local resistance from the 200 Day MA must be broken for this rally to resume.

A breakdown from here would be devastating to the rally structure. With prices likely to fall to the nearest support at $16.00.

But a break above the 200-day MA would see the rally resume at $22.50. If this ceiling gives way, the price will rise to around $26.00.

Key Solana (SOL) indicators

RSI 14 does little to illuminate current price action. Reading at one on the fence 55 – minor bearish divergence reflecting cautious buying pressure.

MACD on the other hand is set at 0.139 – less bullish divergence reflecting bulls running up to test local resistance from 200 Day MA.

Overall, doomsday is coming for SOL’s New Year’s rally.

The upside potential if things go well is $26.00 (+18.8%). While the downside risk is more significant at $16.00 (-26.8%).

This gives a Solana price analysis Risk:Reward ratio of 0.7 – a risky and unattractive entry.

Buy SOL now

Is now a good time to buy SOL?

Although SOL should have a significant rally at some point in the future, this may not happen for several months. So, if you are looking for other crypto projects with high potential along with SOL, we have reviewed the top 15 cryptocurrencies for 2023, as analyzed by CryptoNews Industry Talk team.

The list is updated weekly with new altcoins and ICO projects.

^{Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.}