Solana Surges to New Yearly High of $79.5: What’s Next? $100 in Sight?

Solana Price Prediction: Under the Influence of Rising Wedge Pattern

The SOL price is expected to prolong the current recovery trend under the influence of a rising wedge pattern.

Solana Price Prediction: Sustaining Momentum into December

Prolonging the Uptober rally with a fantastic November, Solana buyers continue to sustain momentum even in December. The coin has witnessed a remarkable 335% rise in the last three months, signaling a reversal trend ready to approach $100. However, with the weekend crash impacting Bitcoin’s value at $40K, the question arises: will SOL price reach the $100 mark this month?

Is $100 Within Reach?

• Until the rising wedge pattern is intact, the SOL price recovery will continue to higher levels.
• An upside breakout from the wedge pattern will intensify the buying pressure.
• The 24-hour trading volume on Solana is $2.01 Billion, indicating a 30% gain.

Solana Price Prediction | TradingView Chart

Despite short-term price action turbulence, Solana’s overall uptrend remains intact. With the bullish run crossing the $75 mark, buyers are poised to signal a new breakout at $80.

Furthermore, the high-intensity buying pressure in Solana has helped altcoins rise above the recent correction in Bitcoin. The daily chart also shows a rising wedge pattern as two opposite trendlines taper SOL price movement.

With a failed V-shaped recovery attempt from buyers to surpass $76, bears take the opportunity and tease a double top. The neckline of this bearish pattern stands at $63.6, warning of a correction phase with a potentially significant impact.

Rounding Bottom Pattern Keeps Recovery Intact

In the weekly chart, the recovery trajectory of Solana forms a rounding bottom pattern with buying pressure on the rise. The long-term trend, supported by an increase in trading volume, teases a strong upward move. The long-term reversal pattern trumps the rising wedge in daily charts, signaling an overall bullish trend for Solana. Therefore, a bullish break of $80 will mark a strong trend potentially crossing the psychological mark of $100.

Exponentially moving: The 20-day EMA acts as a safety net for buyers amid a correction trend.

Relative strength index: The daily RSI slope shows an uptick above 60%, reflecting the recovery trend is intact.