Cryptocurrency analysts predict that despite a current bearish trend, Solana’s native token SOL will surpass $1,000 in the future. The price of SOL has dropped to $128 after a 15% decrease in the past week, but technical analysis shows that it is still within a long-term bullish trend. The Relative Strength Index (RSI) for SOL is at 32, indicating oversold territory, while the Moving Average Convergence Divergence (MACD) shows ongoing bearish momentum.
The price of Solana’s native token faces resistance at $149, but a break above this level could see SOL resume its bullish trend. A pseudonymous cryptocurrency analyst, Crypto Patel, has shared a long-term price chart for SOL showing the formation of a cup and handle pattern, which is considered a bullish signal. The chart suggests that SOL could reach the $1,000 mark in the future.
Solana’s price has been fluctuating amid wider market downturns, with support levels near $122 and the 200 SMA. The MACD’s histogram indicates bearish momentum, while the price remains above the 200 SMA but below the 50 SMA. The 50 SMA is seen as a crucial resistance level that SOL must break through to continue its upward trajectory.
Overall, despite short-term bearish sentiment, long-term prospects for Solana’s native token look promising. The formation of a cup and handle pattern on the price chart suggests that SOL could see significant price appreciation in the future, potentially surpassing the $1,000 mark. Cryptocurrency analysts are closely monitoring Solana’s price movements and technical indicators to predict its future trajectory in the volatile market.