Solana Price Prediction: SOL Pumps 10% in a Month, But Experts Say to Consider This Voting Meme Coin to Win for Its Parabolic Potential

Solana price has climbed 10% over the past month and 1.3% over the past 24 hours to trade at $174 as of 12:20 a.m. EST, on a 10% increase in trading volume at $3.2 billion.

Solana price could drop

The SOL/USDT 1-hour chart displays a series of technical patterns and signals suggesting potential price movements. Initially, an ascending triangle formed between October 20 and 24, a bullish continuation pattern in which price gradually increased while encountering resistance.

This trend typically signals strength from buyers, and true to form, SOL/USDT broke above triangle resistance around October 24, triggering a rally to a new resistance level around $179.

After the breakout, SOL/USDT faced significant resistance between $178 and $179, repeatedly failing to close above this level. This area became a strong selling zone, and between October 24 and 27, price formed a double top pattern at this resistance level.

This indicates that sellers are pushing back after the initial rally. Following this trend, the price began to decline, strengthening the double top as a valid reversal signal.

SOLUSDT analysis source: Tradingview

The 50- and 200-period simple moving averages (SMA) provide additional context on potential support areas. The 50 SMA, currently at $172.43, acts as a short-term support level, while the 200 SMA at $169.04 offers more substantial support, marking a critical level for determining the overall strength of the trend.

Currently, the price is hovering around the 50 SMA, but if it falls below this level, it could further decline towards the 200 SMA. A break below 200 SMA could indicate further bearish momentum.

Solana Price RSI indicates correction: but can the bulls bounce back quickly?

The Relative Strength Index (RSI) adds another layer to the analysis, with a current reading of 46.45, indicating slight bearish sentiment as it has fallen below the neutral level of 50. Previously, the RSI entered in overbought territory, peaking at 60.49, consistent with the formation of a double top and subsequent price decline. This decline in the RSI suggests weakening bullish momentum, as Solana price could signal further decline if it continues to fall.

Looking ahead, the double top trend and falling RSI imply a potential further decline towards $164, aligning with recent support levels. The area around $164 could serve as a rebound zone for buyers to step into, which could lead to another attempt to break recent highs if momentum shifts.

However, if this support fails, the next target would be around the psychological support level of $160 or less.

Flockerz Presale Heads Toward $2 Million

Amid doubts about where Solana’s price is heading, investors could take a look at new Vote-To-Earn (V2E) coin Flockerz (FLOCK), which has surpassed $1.1 million in funds raised in pre-sale.

According to YouTuber Crypto Zeus, with 79,000 subscribers, $FLOCK “could be huge.”

Flockerz is setting out to be a game changer in the coin space by putting true decentralization in the hands of its community, affectionately known as “The Flock”. The idea is simple: everyone in The Flock has a say in shaping the future of the project.

At the heart of this is FlockTopia, a platform where every holder has a voice and can earn rewards through its innovative V2E system.

🥂We’re toasting $1 million! 🥂

This mega-milestone comes with BIG news.

🔥TELEGRAM OPENS IN 3 DAYS!🔥

⌛October 26 at 3:00 p.m. CET. pic.twitter.com/o5vz6Nkfrb

– Flockerz (@FlockerzToken) October 23, 2024

So, by participating and voting, community members are truly rewarded. Additionally, the token offers an astronomical 1,526% annual return for staked FLOCK tokens.

To join the presale, you can purchase $FLOCK on the official website here for $0.0058628 per token using BNB, ETH, USDT or a bank card.

Buy before a price rise in less than an hour to get the best deal

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