Solana’s price was more vulnerable to a catastrophic drop than most cryptocurrencies during Wednesday’s selling pressure.
Despite the sale pressure, Solana remained to trade near its all-time highs, indicating the strength of the network’s overall bullish sentiment.
The price of Solana’s SOL token has risen this year, with a year-to-date return of about 17,000 percent, outperforming many other cryptocurrencies as this unique blockchain project continues to gain traction.
The MACD and RSI are lining up for more losses, and the SOL retracement might stretch to the 50 percent Fibonacci level in the short term, according to technicals.
However, the advance in the Ethereum-killer is not over yet, as SOL could be repeating history by putting a massively optimistic objective on the radar after a bullish chart pattern formed.
In the long run, the price of Solana might rise 800 percent to $1,523, which is the measurement of the ascension from the bottom to the summit of the bull pennant’s flagpole.
Although this figure may appear enormous at first glance, SOL has experienced a phenomenal run of over 1,300 percent since the token last displayed the same chart pattern.
As the token seeks reliable support before soaring higher, the price of Solana may witness phases of retracement and correction.
As the two coins vie for adoption, the cryptocurrency now ranks fifth in terms of market capitalization and may easily outperform ETH. As long as the bull cycle continues, the price of SOL is likely to grow.