The broader Crypto market has seen a significant sell-off over the past few weeks. But in the middle of it all, Solana (SOL) appears to have held steady. But can the coin actually break into $180?

After all, the midterm trend on Solana remains very bullish. The recent headwinds pulled back SOL to roughly $150. But our technical analysis sees a bullish reversal coming, and this could push Solana close to $200. Here is what has happened so far:

Recent market volatility has cut trading volume by nearly 40%, giving bulls the perfect dip to buy

$150 still remains Solana’s (SOL) support level, and the coin has traded well above that in the recent past

Solana was up 18% within a few days of tumbling below $150, indicating a bullish reversal.

Data Source: Tradingview.com

Although Solana has been hovering between $150 and $170 in the past few days, we have not yet seen a real breakout from a bullish point of view. This is actually consistent with broader market sentiment in the crypto sector, where volatility has ruled. 

Some analysts, however, see resistance levels of between $200 and $250. So, even if a breakout would settle at that level, SOL could still be well over $180 and, better still, above $200. Besides, the Relative Strength Index is around 43 right now, something that could suggest a bullish momentum is quite possible in the near term.

Solana has always been a good long-term bet for any crypto investor. If you are buying BTC, ETH, and these other major coins, then it makes sense to also have SOL in your portfolio. For short-term investors, a bullish play over the coming weeks is feasible. But there is always the risk of significant volatility as well.

The post Can Solana (SOL) Break Into $180 – Here Are Some Potential Drivers appeared first on Coin Journal.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

189 +