Solana Price Prediction – Will SOL Price Hit $400 in 2021?

This Solana (SOL) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our SOL price analysis and prediction.

Solana (SOL) is one of the digital assets that took the crypto market by storm when it smashed the ATH price of $194.82. Specifically, this crypto has been seen to move aggressively since the early days of the year. In fact, SOL successfully nailed a whopping growth rate of over +8,113% in the past 12 months. Yes, you heard it right, a huge increase rate of +8,113%, not hundreds but thousands.

With this, we can really say that SOL has been doing its job well in developing its platform over the years. Regarding its network technology, Solana featured a fast, secure, and censorship-resistant blockchain providing an open infrastructure required for global adoption. Also, Solana is one of the most chosen crypto platforms in developing DeFi, Web3, and blockchain gaming that can process 50K transactions per second.

In this SOL price analysis and price prediction, we take a look at the performance of SOL if it will reach $400. But before that, let us learn more about “what is Solana (SOL)?” and its current position in the crypto market.

What is Solana (SOL)

Solana is a cryptocurrency based on blockchain technology that Anatoly Yakovenko founded in 2017. It seeks to provide solutions to the traditional problems that the Bitcoin and Ethereum blockchain are facing in today’s time.

Furthermore, the Solana network uses proof of history consensus. This technology enables the network to create records that can be used to track and prove historical events. 

The Solana network has its own native cryptocurrency: SOL token. As a result, the network uses this token as a reward to all its community members on the platform. For all the interested traders and investors, the token is available at cryptocurrency exchanges such as Binance, OKEx, and VCC Exchange to name a few.

Regarding the Solana technology team, the crew is backed with professional experience from top organizations around the world. These organizations include Apple, Qualcomm, Intel, Google, Microsoft, Twitter, Dropbox, and more. With this, we can say that Solana is really competitive in creating groundbreaking technologies.

Solana (SOL) Market Position

Solana is one of the most talked-about digital assets in the crypto world lately. This is because of the extraordinary performance that the crypto has delivered in the past months of the year. For this reason, the crypto was able to maintain its position along with top cryptocurrencies in CoinGecko.

To be specific, crypto has a market capitalization of over $54,066,327,191 with a 24-hour trading volume of almost $9,164,166,672. This is a market position that could attract investors around the world.

Now that you already have an idea about what SOL cryptocurrency is, do you think SOL is a good investment this year? If you are already excited to know, come, and together let us check this SOL price analysis and price prediction article.

Solana (SOL) Price Analysis 2021

Currently, SOL holds the 7th place on CoinMarketCap. But will the latest upgrades, developments, and changes in the SOL blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this SOL price prediction article.

The above daily frame chart shows the Ascending Channel pattern. This is a bullish pattern which is formed by joining higher highs and higher lows. Based on the graph above, Solana was able to defend its position well against the bears in the early days of the month.

In other words, SOL is gearing itself for a possible bullish rally in the days to come. If this happens, the crypto might go beyond its resistance level and reach the bullish price. Of course, this is most likely to happen if the bullish market continues to reside with Solana.

Conversely, if the bulls turn against the crypto, the price of SOL might fall. In short, SOL might break out from its uptrend position and nosedive to a bearish price. This pattern shows the period of consolidation that may force a price breakdown or breakout. More so, a breakdown from the lower trendline shows the start of a new bearish trend. In contrast, a breakout from the upper trendline signal indicates the beginning of a new bullish trend.

As shown above, at the beginning of this month, SOL turned from its bear to bull trend. This happens as the result of the high trade volume that occured in that period.

The Relative Strength Index (RSI) of SOL points at level 91.70, this means that SOL is at an overbought state. In this case, traders and investors can confidently trade without worrying about any major price reversal.

Therefore, traders must trade crypto wisely and should not be affected by the market hype. Keeping all this in mind, traders can move away from unexpected losses due to the crypto market’s wild swings.

Let us also look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of SOL.

Since the start of 2021, SOL’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, SOL has a competitive market this 2021.

Solana (SOL) Price Prediction 2021

The chart below shows that SOL has performed great over the past few days. However, the SOL price shows a bullish signal. If this trend continues, SOL might run along with the bulls, breaking its $379 resistance level and go higher.

Conversely, if the investors do not favor crypto, the bears might take over and pull SOL from its uptrend position. In simpler terms, the price of SOL might decrease to almost $67.89, a bearish signal.

Meanwhile, our long-term SOL price prediction 2021 is bullish. It has a high possibility of surpassing its current all-time-high (ATH) at about $194.82 this year. Moreover, SOL can hit ATH only if it breaks many previous psychological resistances.

Solana (SOL) Price Prediction 2022

If this bullish trend continues, SOL will reach $500 by the end of 2022. Moreover, the first half of 2022 is going to show rapid growth, up to $550. Then the rise will slow down, but no major falls are expected. With upcoming, partnerships, and developments reaching $500 is quite optimistic in the price point of view but undoubtedly feasible for the near future.

Solana (SOL) Price Prediction 2023

If SOL holds the support level around 200-MA which is the long-term moving average, buyers will then have ample time and stability to forge the next attack mission on the vital level at $750, making it not plummet but play consistently.

Solana (SOL) Price Prediction 2024

As per the latest upgrades, developments, SOL price prediction, and new project forecasts of the platform, SOL investors could expect many partnerships and integrations around 2024. Moreover, this might boost the price of SOL in the crypto market, and it will be the best investment as the price can spike and reach around $900.

Solana (SOL) Price Prediction 2025

In the next four years, SOL prices could race up to $1200. However, reaching this level could not be so difficult for SOL as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that SOL has a high possibility of reaching a new ATH soon in the next five years as per the prediction.

Conclusion

SOL has a bright future ahead of it in 2021. With the ongoing developments happening within the SOL ecosystem, as well as in the overall crypto market, we may see SOL reach new heights.

Bullish SOL price prediction 2021 is $379. As said above, it may even reach $400 if investors have decided that SOL is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

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Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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