The Solana’s price dropped today, falling to $150 after reaching almost $160 earlier. In spite of this, traders still believe the token could go higher soon.
Solana faced selling pressure on Tuesday when it tried to break through the $160-163 zone, which used to be support but is now acting as resistance.
Source: TradingView
SOL‘s value is still over 25% higher compared to last week. The news of lower-than-expected job numbers in the US last week made people more hopeful about the possibility of the Federal Reserve lowering interest rates this year.
Recently, more investors are putting money into Bitcoin ETFs, which is a positive sign, but there are worries about US regulations this week. The Securities Exchange Commission noticed the Robinhood trading platform, which deals with cryptocurrencies and stocks.
Despite the fact that Solana is trading in the $122 to $160 range, the traders still believe that there is significant opportunity ahead for Solana.
Solana’s Price Prediction: Traders Predict a 40% Surge
A trader believes that the price of Solana could increase by about 40% soon. He shared their opinion on TradingView, saying that Solana might go back up to over $200 after breaking out of a pattern called a descending flag.
“SOL is the most bullish chart after BTC right now,” MancBTC, a well-known crypto analysis account, commented on the situation.
According to Mac, a popular crypto analyst, Solana has been maintaining its average price for the year. The community of Solana is also praising it; there’s a lot of excitement around it.
MacnBTC analysts also believe that the Solana price could increase by 40% and go beyond $200 again.
Another analyst, ColdBloodShill, advised the followers to focus on longer time frames instead of shorter ones.
Later this year, the crypto market will have positive expectations due to Bitcoin’s post halving effects and potential rate cuts by the Federal Reserve. The price of SOL might consolidate before making a big move upward.
Disclaimer: This informational article is here to help you understand things, not to tell you what to do with your money. Before jumping on this coin, kindly do some research first.
