The price of Solana (SOL) has been gradually increasing since January 23rd, consistently updating local highs.

Although SOL has overcome short-term resistance, it is still below the long-term level.

The chart of the weekly timeframe shows that in December last year, SOL reached a maximum of 2023 at $ 126, but since then its price has been declining. The recent low was $79 in January 2024.

Subsequently, Solana began to grow, forming consecutive bullish weekly candlesticks. On February 14, 2024, it peaked at $119, forming a double peak relative to the 2023 high.

The Relative Strength Index (RSI) on the weekly chart indicates a possible decline. Although the indicator is above the 50 mark, a bearish divergence has appeared, which often precedes a price decline.

What the analysts say

Well-known traders and analysts in the crypto community positively assess the future trend of SOL. 

"SOL: This is an interesting chart where we see slow growth. I expect that there may be some correction in the peak area, given the time between each of them, but overall the market is now in a positive zone. I am optimistic and I think that most will earn by simply buying here and holding this asset for several months, rather than waiting for a 20% correction," he said.

SOL price forecast: should we expect new highs

There is a more optimistic forecast on the daily chart. This is due to price action, wave analysis and RSI indicators.

The chart shows that the Solana price closed above the resistance level of $105, and the RSI exceeded the 50 mark. Wave analysis indicates that SOL is in the fifth and last wave of the upward movement. If confirmed, the altcoin could reach a new local high near the next long-term resistance level at $145, which is 30% higher than the current price level.

However, closing below the $105 mark will mean that the price is still in the process of correction. In this case, SOL may drop by 40% to the nearest support at $69.