Solana’s Price Outlook: Short-Term Pain, Long-Term Gain?

• Solana’s price action consolidates with both bullish and bearish signals.
• Short-term trading opportunities exist despite overall bearish sentiment.
• Long-term projections for Solana remain strongly bullish.

Solana’s price shows mixed signals, with short-term bearish predictions but a bullish long-term outlook, according to a new analysis.

This in-depth analysis by Cheeky Crypto looks at the price action of Solana, suggesting that while Solana’s immediate future may be bearish, its long-term prospects remain promising.

Cheeky Crypto’s analysis focuses on Solana’s price on the daily chart. They anticipate a potential drop, targeting a range between $93 and $107. But, there’s a chance for a temporary surge if the cryptocurrency can find support at a critical testing level at the 200 EMA (Exponential Moving Average). A positive close above this level could lead to a significant upward movement. 

Switching to the 1-hour time frame, the analysis reveals that Solana faces substantial sell pressure at the 200 EMA. The cryptocurrency has tested this resistance level multiple times, but each attempt failed, signaling strong resistance. 

However, a recent overextension hints at a minor surge. Cheeky Crypto advised traders to watch the range between $149 and $152 for potential resistance. If the price fails to hold above the 200 EMA, a short trade could become lucrative, targeting a dip toward $138.

Despite the current bearish indicators, Solana’s long-term outlook stays strong, per the analysis. The cryptocurrency shows a bullish structure on the weekly chart, with potential price targets ranging from $166 to $1,200 in the coming years. 

For long-term investors, short-term volatility might be inconsequential, as the long-term trend suggests significant gains. Cheeky Crypto emphasizes that long-term holders should remain focused on the bigger picture, which remains overwhelmingly positive.