Solana Seeks for Market Equilibrium at $16 Before the Big Surge 

• Solana rallied to a yearly high of $27.12 in Q1 2023 but moves sideways currently
• SOL’s price has traded between $16.01 and $26.03 for the past ten weeks.
• Overall sentiment reflects a consolidation by SOL, waiting for the right time to engage in a bullish breakout.

Solana (SOL) rallied at the beginning of the year in a significant bull run that saw the price reach a yearly high of $27.12. The price has since trended sideways after the initial rally, following a general loss of momentum in the crypto market. SOL traded at $21.25 at the time of writing after bouncing off of the local support at $18.71.

SOL’s price has traded between $16.01 and $26.03 for the past ten weeks. Analysts believe the recent behavior is a fallout of the larger market, with Bitcoin failing to inspire a bullish momentum among altcoins. Nevertheless, SOL’s overall sentiment reflects a consolidation waiting for the right time to engage in a bullish breakout.

Even though the bulls expect SOL to push higher, there is the tendency for the Ethereum killer to move further down before embarking on a new rally. Some traders believe that a drop toward the $16 to $17 region could represent a fall to equilibrium. That could be all the market needs for SOL to gather momentum and shoot for a higher range.

The psychology behind the equilibrium is that it would present an opportunity for traders to accumulate SOL tokens at a fair market value. The buying pressure resulting from buying at the equilibrium will fuel Solana to deliver the expected price target. If SOL breaks the $26.03 price level, SOL could register a new yearly high above $30.

Breaking through the $30 level will open the way for SOL to pursue its November 2022 high of $38.79. It could move further up depending on the overall condition of the cryptocurrency market. SOL has gained 3.51% today, having opened trading at $20.46. It has gained 9.40% in the current week after bouncing from a low of $19.36.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.