Solana Price Prediction: Roadmap Towards $170
2024-07-16
Bittime - Solana (SOL) experienced significant gains last weekend as Bitcoin (BTC) price surged back through the $60,000 resistance. Analysts maintain a favorable view on SOL, with one prominent crypto analyst projecting a price target of up to $950.
Milestones and Bullish Sentiment
On the other hand, the Solana network achieved a major milestone on its new independent testnet, Firedancer, which is planned to launch in Q4 2024. This reinforces bullish expectations among investors.
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Price Movement and Technical Analysis
Source: TradingView
On the daily chart, the market structure is not yet completely bullish, but it is close. A daily session close above the latest lower high at $155 would be an early sign of a positive trend change. The RSI indicator rose to 57, reflecting continued bullish momentum. Buying volume (OBV) has also increased in recent weeks, signaling an opportunity for bulls to break through resistance at $155.
Also Read: Harga Solana Naik 7%, Trader Prediksi Bisa Capai 50% dari Valuasi Ethereum
Projections and Potential Growth
Bullish sentiment towards Solana strengthened as Open Interest jumped from $1.69 billion to $2.01 billion. This indicates high speculator interest in SOL, especially with Bitcoin's healthier short prospects.
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Conclusion
With momentum building and positive sentiment rising, Solana has a chance to reach the key resistance zone at $170 in the near term. While it is uncertain whether further upside will occur, bulls could be bracing for a move towards $185 based on the existing accumulation of liquidity, for both Solana and Bitcoin.
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