Forecasting Solana’s Performance: April 20 Analysis and SOL Price Projection

Solana (SOL) Hits $145: Is it a Buying Opportunity Ahead of Bitcoin Halving?

Solana (SOL) has surged by 10%, reclaiming $140 on April 17th, following a drop to as low as $126 on Tuesday. Key market leverage data indicates that optimism among Solana investors is at its lowest point in 5 months. Are these conditions presenting a buying opportunity for new investors, or is there a risk of SOL’s price plummeting below $100 for the first time since January 2024?

Solana Price Statistics Data:

  • Solana price now – $142.64
  • Solana market cap – $63.6 billion
  • Solana circulating supply – 446.8 million
  • Solana total supply – 574.2 million
  • Solana Coinmarketcap ranking – #5

SOL/USD Market Key Levels:

  • Resistance levels: $200, $220, $240
  • Support levels: $70, $50, $30

SOL/USD is ranging as the coin struggles to cross above the 9-day and 21-day moving averages. However, the nearest key level of support remains at $139.79, but if the coin breaks to the downside, the sellers may dominate the market but any bullish cross above the moving averages may revisit the previous resistance level of $180.

Solana Price Prediction: Solana (SOL) May Spike to the Upside

The Solana price is currently trading below the 9-day and 21-day moving averages. However, if the market price crosses below the nearest support of $140, it can experience a period of bearish momentum and it could target another support level at $120 which could hit the critical support levels of $70, $50, and $30. Meanwhile, for that not to happen, the coin would need to divert its movement above the moving averages.

Therefore, if Solana (SOL) breaks above this barrier, it could move to the north. Should the price decide to maintain the bullish movement; the coin could find the potential resistance levels at $200, $220, and $240 while the 9-day MA keeps hovering below the 21-day MA, suggesting a bearish movement within the channel.

SOL/BTC Keeps Ranging

Against Bitcoin, the Solana price may increase if the buyers push the market price above the 9-day and 21-day moving averages. However, if the bulls fail to do this, the bears may continue to release huge pressure on the market as the 9-day moving average remains below the 21-day moving average, to give more bearish signals.

Solana Price Prediction for Today, April 20 – SOL Technical Analysis

SOLBTC – Daily Chart

Meanwhile, if the Solana price slides below the lower boundary of the channel, it could hit the nearest support at 1800 SAT. Any further negative movement may lower the price of the support at 1500 SAT and below. In case of a rebound, the coin can revisit the 2500 SAT before resuming the rally which could see a bull run to the resistance level of 2800 SAT and above.

Additionally, @CryptoBullet1 shared insights with his extensive followers of over 115k on X (formerly Twitter) regarding the medium-term outlook for $SOL. He believes that #Solana has completed its motive Wave (3) and is currently in corrective Wave (4). Anticipating a consolidation phase between $100-200 for the next few months, he foresees #SOL breaking out to a new all-time high 📍 in the range of $400-600 during the final Wave (5).