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Solana (SOL) Price Prediction for March 12

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Tue, 12/03/2024 - 15:35
Solana (SOL) Price Prediction for March 12
Cover image via www.tradingview.com

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The prices of some coins keep rising, while others have entered a correction phase, according to CoinMarketCap.

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Top coins by CoinMarketCap

SOL/USD

The rate of Solana (SOL) has increased by 0.45% over the last 24 hours.

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Image by TradingView

Despite today's rise, the price of SOL is looking bearish on the hourly chart. The rate is coming back to the local support level of $147.9. If the daily closure happens near it, there is a chance to see a breakout, followed by a move to the $145 zone.

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Image by TradingView

On the bigger time frame, the rate of SOL has made a false breakout of the $152.64 level. At the moment, one should pay attention to how far the daily bar closes from that mark. 

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If it happens below yesterday's peak, bears may locally seize the initiative, which can lead to a correction.

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Image by TradingView

From the midterm point of view, it is too early to make any distant predictions as a few days remain until the weekly bar closes. However, if it happens above $153, the upward move is likely to continue to the $160 zone.

SOL is trading at $149 at press time.

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