Solana Price Breaks $160

Bittime - The crypto market has seen a surge in recent days, which has helped drive new gains in the market. This is related to the assassination attempt on presidential candidate Donald Trump and the approval of Ethereum ETF trading, the impact of which was also seen on the price of Solana. Solana, the fifth-largest cryptocurrency, just hit the $160 mark after rising 13% in a week.

Solana Price Analysis

Sumber: CoinMarketCap

Significant Surge

The price of Solana has seen a significant rise after a period of hardship, which was exacerbated by the crypto market downturn. However, discussions regarding the Solana ETF have brought demand for this altcoin back into the market, with buying pressure high.

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Technical Indicators

Technical indicators suggest there is a chance of further upside based on high buying pressure. If this trend continues, Solana price could rise as high as $175, passing resistance at $168 according to analysts. However, this also raises concerns regarding liquidations which could lower prices.

$2.98 Billion Liquidation If Solana Price Hits $176

The last few days have been very profitable for Solana, which has recovered from a low of $123. Now, the price has crossed $160 with a significant spike in trading volume, indicating increasing demand, which could push the value higher.

However, a crypto analyst, Ali Crypto, revealed liquidations of $2.98 billion if Solana price reaches $176. These liquidations are in short positions, meaning sellers will sell when the price reaches that number, causing the SOL price to fall again.

Solana Price Challenge

Solana price needs to cross the $176 mark to continue the bullish rally and overcome the correction. If successful, another crypto analyst, Captain Faibik, predicts that this token will rise to $1000.

Will Solana Price Rally Continue?

The bullish impulse has seen Solana price rise this high, but weighted sentiment is declining. This indicates that there is bearish sentiment in the market for this altcoin. This became even more apparent with the price failing to reach resistance and dropping back after reaching $163, indicating a decline.

With the Long/Short ratio decreasing according to Coinglass, the altcoin may experience a correction before resuming its rally. Additionally, user sentiment towards Solana is very greedy, which indicates a correction due to overbuying in the market.

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Conclusion

With the approval of the Ethereum ETF, demand for Solana has increased, with many companies lining up for S-1 filings. If the Solana ETF is approved, the price of Solana could reach new peaks, possibly beating Ethereum in the race. For now, buying pressure has helped the SOL price rise to $160, but if this trend continues, $3 billion will be lost from the market.

Cara Beli Crypto di Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Study Complete Guide How to Buy Crypto on Bittime.