Solana Price Prediction as SOL Bounces Back Above $100 – New Highs Incoming?
The Solana price has barely moved in the past 24 hours, sticking to $102 as the market as a whole also records a 0% change in the past 24 hours.
SOL’s inactivity today comes after it rose back above $100 after it dropped below this all-important level during the weekend, with the altcoin down by 9% in a week.
On the other hand, SOL has held onto an 11% rise in the past month, not to mention a highly impressive 340% appreciation in the past year.
And with its price quickly recovering after the weekend’s dip, it’s clear it has enough medium- and long-term momentum to push into future gains.
Based on an inspection of its chart and indicators, it still seems like SOL remains in the middle of a minor correction, and may come down further before it returns to bullish growth.
Its 30-day average (yellow) has been sliding slightly over the past week or so, and given that its current price has fallen below this average, it should come down further in the next few days.
Also pointing to incoming losses is SOL’s relative strength index (purple), which has fallen below 50 in recent days and is on its way to 40.
Even if SOL does drop below $100 again, its support level (green) has been pretty strong in recent weeks, and should prevent steep declines (such as below $95).
Part of the reason why SOL has struggled in the past couple of weeks is that institutions and funds have left it alone recently.
In fact, the most recent CoinShares Digital Asset Funds Flows report shows that fund flows for SOL were actually negative in the past week, declining by $3 million.
Do funds know something the rest of the market doesn’t, or have they simply been taking profits?
Well, they may be reacting to Solana’s unexpected outage earlier this month, although given
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