Solana (SOL) Price Prediction: Will it hit a new high in February?

Solana (SOL) price has been steadily increasing since January 23 and is approaching its 2023 high. Although SOL has broken above short-term resistance, it is still trading below long-term resistance.

Solana creates a double peak model

Technical analysis from the weekly timeframe shows that SOL hit its 2023 high of $126 in December but has declined since then. The decline peaked at a low of $79 in January 2024.

SOL price has been rising since then, creating consecutive weekly bullish candles. It reached a high of $119 on February 14, 2024.

Although the high was created above long-term Fib retracement resistance, SOL is likely to create a double top against its 2023 high.

The weekly relative strength index (RSI) also gave a bearish reading. Traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.


SOL/USDT Weekly Chart | Source: TradingView

A reading above 50 and sloping up shows that bulls still have the advantage, while a reading below 50 shows the opposite.

Although the indicator is bullish and above 50, it has also created a bearish divergence (green trendline), which often precedes downward movements

Dự đoán giá SOL: Nó có đạt mức cao mới trong tháng 2?

While the weekly time frame is yet to be determined, the daily chart offers a more optimistic outlook. This is due to price action, wave count and RSI.

Price action shows that SOL moved and closed above the $105 resistance area. This is consistent with a rise above 50 in the RSI (green symbol).

Additionally, the wave count shows that SOL is in the fifth and final wave of the upward movement that began in June. Technical analysts use Elliott Wave theory to identify long-term price patterns and investor psychology, helping them determine the direction of the trend.

If the wave count is correct, SOL should reach a high near the next long-term resistance at $145, 30% above the current price.


SOL/USDT Daily Chart | Source: TradingView

Despite this bullish prediction, a close below $105 means the price is still correcting. SOL could then decline 40% to the next support at $69, created by the 0.5 Fib retracement level.Solana (SOL) Price Prediction: Will it hit a new high in February?