According to an analysis by trading expert TradingShot, the price of the decentralized finance (DeFi) platform Solana (SOL) is likely to skyrocket to over $4,000.
In a TradingView post on June 14, this forecast hinges on examining Solana’s price movements, suggesting that the cryptocurrency’s bullish trend remains robust.
The expert acknowledged that Solana has been undergoing a correction phase since reaching a peak in March 2024. This adjustment follows a substantial rally throughout 2023, necessitating a technical realignment.
A pivotal aspect of this analysis is the one-week Relative Strength Index (RSI), which peaked in March, forming a double top similar to the one observed in August 2020. The RSI bottomed out after dipping into bearish territory at that time, stabilizing around 41.50.
SOL price analysis chart. Source: TradingView/TradingShot
However, this correction appears less severe now, with the one-week moving average (MA50) consistently providing support s
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