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Solana is still facing a lot of resistance, and it seems that the $200 goal is becoming increasingly difficult to achieve. Bearish market trends and investors’ participation in online activities have become more difficult. Solana prices are still struggling to stay above $150.
However, Solana prices may rebound quickly, given the market’s start to shift into positive sentiment. Crypto analysts responded to this, predicting that Altcoin still has room to run, especially suggesting that even a possible new high is possible.
Why Solana prices turn optimistic
Crypto analyst Tradingshot explains why Solana prices have become bullish recently. In recent analysis, they explained that the rebound in early April has shown the strength of digital assets. This is because Solana bounced a 1-week MA200 at the beginning of last month, and this bullish start continued until the end of the month.
Related Readings
As momentum accumulates, altcoins go through multiple shutdowns per week and ends up with the weekly green candle. As shown in the figure below, this puts it on the road to the next critical level, which is at MA50 for 1 week and follows the blue trend line of about $170 as shown in the figure below.
If Solana is going to continue its bullish run in May, then this level is now the main point of breaking. As crypto analysts explain, the interesting thing about this level is that if the SOL price can surpass it, it is expected to become a support for AltCoin. With support at $170, Solana price support will be quite bullish, which could be another rebound to $200.
Goals from here
As mentioned above, the first is the Solana price actually tested and broke the blue trend line at $170. If this is successful, the bottom is the bottom, then the next big goal is the $350 level. The crypto analyst explained that the $350 target is the wedge-shaped high.
Related Readings
Next, a clean break above $350 sets it as a clear road to $900 as it sets higher highs. “Given the correction in the last 3 months was -67.23%, the same as the last correction in the previous cycle (May 2021), if the higher trend line breaks, we expect a final rally under the 2.0 fibonacci extension for $900,” Tradingshot said.
Featured pictures from dall.e, charts from tradingview.com
