Crypto Analyst Michaël van de Poppe Predicts Solana Price Movements: Correction Expected, But $36 to $39 Possible

Crypto Analyst Michaël van de Poppe Predicts Solana Price Movements: Correction Expected, But $36 to $39 Possible

Crypto News – Crypto analyst Michaël van de Poppe, known for his insights shared with over 669,400 followers on the X platform (formerly Twitter), has provided valuable analysis regarding the price potential of Solana (SOL). Van de Poppe, also the founder of MN Trading, expressed optimism about SOL’s recent performance, suggesting that it could reach a price range of $36 to $39.

He emphasized that SOL has demonstrated substantial strength over the past few weeks, making it an impressive performer among the top 10 assets, as previously reported by Coin Edition. Nevertheless, van de Poppe noted the possibility of a corrective phase, which could temporarily drive SOL’s value down to a range between $26 and $28. This correction comes on the heels of profit-taking actions, impacting the previously predominantly bullish market structure, causing SOL’s price to dip to $32.23.

Maintaining Support at $30.94

Despite efforts to push SOL’s value up to $35, buyers encountered resistance at $33.43. Notably, SOL found robust support at the $30.94 mark. Should its value drop to $28, even a modest increase in buying pressure could be sufficient to guide SOL back within the $30 to $35 range.

Potential Hurdles for the Ascent to $39

Achieving the projected rise to $39 for SOL may necessitate a shift in the Relative Strength Index (RSI) trend. At the time of reporting, the RSI reading stood at 55.5. This decrease in the RSI reading was essential, particularly since SOL had recently reached an overbought level. The lower RSI reading indicates a reduction in buying pressure. To facilitate a climb to $39, buyers must reinvigorate their market presence. If the RSI reading were to rise to 65.00, it could establish a more realistic initial target of $35.

SOL’s Liquidity and the Potential for Correction

Another aspect that supports the notion of a correction, as highlighted by van de Poppe, is the Money Flow Index (MFI). This indicator measures the flow of liquidity in and out of an asset over a specific period. As of the time of writing, the MFI had dropped to 37.14, signifying that selling pressure had outweighed buying pressure. Should the MFI fall below a reading of 30, SOL’s price could decrease to $28. However, there’s a chance of the MFI rebounding above 50.00 if buying pressure makes a comeback, potentially propelling SOL toward $35 or even $40.

Bearish Trends Indicated by the Awesome Oscillator (AO): Presently, the Awesome Oscillator (AO) displays a decreasing trend, suggesting that bearish forces are currently influencing the market.