Crypto experts share SOL’s next target based on technical analysis as the market rallies with excitement.
Solana (SOL) is finally gaining the hype it has been missing for over five months following its market crash from an all-time high of $295 to a low of $95, suggesting an over 85% price decline. However, the price of Solana (SOL) demonstrated a strong market rebound around $95 to reclaim its price above the key demand area of $120.
Above its key demand zone of $120, the price of Solana has traded in a range between $120 and $150, as the price failed to break through its major resistance of $185. Despite an attempt to break $185 resistance, SOL’s price was rejected by bears.
Recent price action has captured the attention of traders and investors, following its price breakout as the price of SOL could continue on a sustained price breakout towards $300, based on market sentiment and technical analysis of the price.
Despite the price of Ethereum taking the lead in altcoin rally, the price of Solana has gained much attention in the crypto space in the last few days following a strong rally in its market capitalization of over $100 billion and strong volume in its DeFi TVL (Total Value Locked), as this indicates a strong growth in its ecosystem.
Not only has Solana experienced significant growth in its ecosystem, but institutions such as 21Share have also demonstrated a strong interest in the Solana price for a considerable time. This is evident in a recent Solana report, “State of Crypto.”
21Share discussed key macroeconomic and ecosystem growth factors that would influence the price of Solana to the upside, suggesting a near-term price target for Solana would be around $336. A long-term price target for Solana could see the price reach a high of $2,000.
Although the potential of Solana can never be underestimated, as it has contributed significantly to the DeFi space, crypto experts believe that Solana’s price growth would be beneficial for memecoins, as it would increase network activity, liquidity, and investors’ interest in these assets.
Additionally, experts have speculated that the next market rally for Solana will occur in the region of $300+ based on market analysis and recent price action. Would Solana’s (SOL) price turn out as expected in the coming weeks based on technical analysis?
SOL 1D Price Breakout – Source TradingView
The price of SOL has exhibited strong bullish price action to the upside following a recent price rally to a key resistance level of $185, as the price of SOL broke this zone with increased volume, trading toward a high of $197. This has raised high market expectations to new all-time highs of $300.
According to Solana price predictions on Polymarket by traders, the price of Solana has an 80% potential to reach $200 in July, while 11% of traders predicted Solana’s price to hit $250. However, the current market trend for SOL remains bullish, with a price target of $200 ahead.
Related Reads
