Solana is trading at the time of publication of the forecast at the level of 168.41, continuing to move within the correction and bullish channel. Moving averages indicate a short-term bullish trend for the coin. Prices are testing the area with signal lines, which indicates pressure from coin buyers and potential continued growth from current levels. As part of the SOL/USD exchange rate forecast, it is worth considering an attempt to develop a minor correction in the value of a digital asset and a test of the support area near the level of 165.65. From where again a rebound is expected and an attempt to continue the growth of the Solana cryptocurrency with a potential target above the level of 210.05.
Solana forecast for May 31, 2024
An additional signal in favor of raising the quotes of the SOL/USD asset for tomorrow will be a rebound from the bullish trend line on the relative strength index. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option with the growth of the Solana cryptocurrency will be a fall and a breakdown of the area of 155.05. This will indicate a breakdown of the support area and a continued fall in SOL/USD quotes with a target below the level of 140.05. Confirmation of the growth of the cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 175.05, which will indicate a breakdown of the upper boundary of the bearish correction channel.
Solana forecast for May 31, 2024 suggests an attempt to develop a correction of the coin and a test of the support area near the level of 165.65. Then, continued growth to the area above the level of 210.05. An additional signal in favor of growth for Solana will be a test of the trend line on the relative strength indicator (RSI). Cancellation of the rise option will be a fall and a breakdown of the 155.05 area. This will indicate a continued decline in the cryptocurrency with a target below the level of 140.05.
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