On July 26, the trading price of Solana (SOL) experienced a downtrend. This resulted in lowering the trading price of the digital asset and brought it down to $35.50.
Solana Followed the Trend
It came as a surprise neither for Solana nor for the cryptocurrency community to witness a downtrend. The entire cryptocurrency industry was also facing a downtrend so SOL ended up mirroring the same.
Despite the downside movement of Solana, many believed that its trading price would experience a significant surge in the month of August.
The analysts even predicted that Solana would witness a 40% rise in its value in the month of August. Although the jump in the price of Solana has not been as much as anticipated yet it has managed to gain some weight compared to its price in July.
SOL has hit a Mixed Point
Following the initial predictions, Solana has ended up moving out of a pattern that is the classic bearish continuation.
Even now, the trading price of Solana is moving within the consolidating zone. The report suggested that Solana was moving close to the bearish flag.
However, it meant that the price of Solana would experience a downtrend until it left the bear flag. Once Solana was to leave the bear flag, it would start elevating higher with a strong buying support of the investors.
The particular trend usually gets resolved once Solana’s price falls below the particular lower trading price.
Solana followed the Forecast
This is exactly how Solana reacted in recent days as its price continued recording a high trend. Its price showed an upward movement since the beginning of the month of August.
As the price of Solana continued moving higher, it formed a sharp upward movement, which caused the price of Solana to rise higher.
Solana’s Rise to $49.50 with a 40% Rally
Following the forecast for the sharp upward movement, Solana’s price has indeed started moving in the upward direction. The price of Solana continued moving in the higher direction.
It was suggested that SOL may rise by 40% in the month of August, bringing its value up to $49.50.
On August 14, the trading price of Solana rose all the way up to $47.61. This means that so far, the predictions have gone in favor of Solana as its price has risen by 34%.
Given the surge Solana has recorded from the beginning of August until now, a larger rally can be expected for the digital asset.
Going forward, the trading price of Solana may move higher than $49.50. However, in order for Solana to cross the particular benchmark, it has to make $49.50 its support level instead of resistance.