![Analyst’s Bold Prediction: Solana (SOL) Set to Skyrocket to $500](https://cryptotale.org/wp-content/uploads/2024/04/CT_Jonathan_27-Apr-2024_2977.jpg)
Solana (SOL)has been on a rollercoaster regarding price action lately. As highlighted by Altcoin Sherpa, an analyst, with its recent surge, investors are eyeing even higher peaks, projecting a potential rise to $500 or more by the end of the year.
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The latest data reveals SOL trading at $135.88, marking a slight decline of 5.83% within the past 24 hours. Despite this dip, the cryptocurrency is showing signs of resilience, with its 1-Day RSI hovering around 38.48, indicating nearing oversold conditions. Such a scenario often prompts traders to consider it a potential buying opportunity, anticipating a rebound in price.
On the technical side, SOL’s price trend since November has exhibited a notable uptrend, characterized by higher lows and higher highs, indicative of a bullish market sentiment. The ascending 200-day exponential moving average (EMA) further reinforces this bullish outlook, with the price consistently staying above this long-term indicator, a positive sign for sustained upward momentum.
Delving into support and resistance levels, the Fibonacci retracement levels provide valuable insights. The 0.382 level, situated around $138.37, has emerged as immediate support, witnessing a rebound in price as indicated by candlestick patterns. Should the price retreat further, the 0.5 level at approximately $116.14 could serve as the next support zone, followed by the 0.618 level around $93.90, offering a more robust support base in case of a deeper retracement.
Analyzing trading volume adds another dimension to the market assessment. Observing increased volume during price declines suggests significant trading activity, potentially signaling periods of accumulation or distribution.
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However, despite the bullish indicators, caution is warranted, particularly with the 1-Day MACD trading below the signal line, indicating short-term bearish momentum. Moreover, the 1-Day ADX reading of 32.98 underscores a strong trend, suggesting that the current bearish momentum might persist.