Analyst’s Views on SOL Price Prediction, Will it Continue its Bull Run?

Analyst's Views on SOL Price Prediction, Will it Continue its Bull Run?
  • Solana looks to have halted after breaking out of a symmetrical triangle.
  • SOL’s prospective positive impulse might boost its market worth by over $10 billion.

Solana just became the best performing Crypto, but it looks like a victim of its success. On Tuesday, a five-hour network disruption halted Solana’s climb.

It flipped Cardano’s ADA, which couldn’t keep up with the “Ethereum killer.” ADA is up 2% today but down 8% in the previous week. Solana’s market valuation currently exceeds $64 billion, while Cardano’s is $63.5 billion. Just eight days ago, SOL hit an all-time high of $219.05, and the current price of roughly $217 isn’t far behind.

On the daily chart, Solana looks to have halted after breaking out of a symmetrical triangle. However, SOL may close firmly above its previous all-time high of $219, re-entering price discovery mode. The token might rise another 17% to $257, the triangle’s target if this happens.

SOL’s prospective positive impulse might boost its market worth by over $10 billion. However, the Reddit Community is pessimistic about Solana’s pricing. They expect SOL to be approximately $65 by the end of 2021. Furthermore, according to analyst Long Forest, the coin will be worth roughly $106 by the end of 2021.

Commencement of a New Uptrend

A daily candlestick close above $220.21 will mark the commencement of a new uptrend. In this case, SOL may target the 161.8% trend-based Fibonacci extension mark at $384.08. This rise would be a 100% uptrend.

SOL/USDT: Source: TradingView

If the price of Solana (SOL) closes below $188.69, it indicates that buyers are fading and bears are taking power.

It will then fall by at least 9% to retest the 5 percent Fibonacci retracement line at 170.01. If the selling pressure persists, Solana may test the $155.78 support level. This decline would be around 17% from $188.69, when buyers may opt to resume the upswing. According to CoinMarketCap, the SOL price is $217.88 with a 24-hour trading volume of $2,630,098,838.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.