Technical Analysis

Solana (SOL) price prediction today: Will it dip to $120 or bounce?

Updated: Aug 16, 2024

Published: Aug 12, 2024

Our examination of Solana showed that the asset had experienced a notable sell-off, leading us to close our spot trade at $143.

Please note: The video above is set to start at the 9-minute 52-second mark, featuring an in-depth technical analysis of Solana (SOL).

Despite this, Solana's long-term potential remains intact, but we expect some short-term downside or consolidation before any significant upward movement. The asset has been trading within a range, and we believe it could revisit the $120 to $130 area before making another move higher.

Solana continues to show strong bullish characteristics on the weekly chart, but it may require more time to stabilise after recent market volatility. Patience will be crucial for traders looking to accumulate Solana, as the market could offer better entry points in the near future. Our analysis suggests that a double-bottom formation or further consolidation within the current range could present favourable buying opportunities.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

The chart shows Solana (SOL) price analysis with key support and resistance levels, trend lines, potential buy zone, and volume indicators.

What is Solana: Solana (SOL) is a high-performance blockchain designed for fast and scalable decentralized applications and cryptocurrencies. Launched by Solana Labs in 2017, Solana is celebrated for its ability to process thousands of transactions per second with low fees, making it a popular choice for developers and users alike. At Cryptonary, we are most bullish on Solana for this cycle, considering it the play of the cycle due to its robust technology and growing ecosystem.

Solana's ATH is $260.

How to buy SOL:

Via Phantom Wallet:
1. Deposit Solana tokens by copying your Phantom wallet address and transferring funds.
2. Use the ‘deposit’ button for other purchase options, though fees may be higher.
3. Swap tokens within the wallet by selecting the type and amount, setting slippage tolerance, and confirming the swap.
Via Centralized Exchange (CEX):
1. Choose a CEX like Binance, Coinbase, or Kraken.
2. Create and verify your account.
3. Deposit fiat or other cryptocurrencies.
4. Navigate to the SOL trading section and complete your purchase.