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Solana is still facing a lot of resistance and it seems that the $200 target is getting harder to reach. This has been made harder by the bearish market winds, as well as declining participation from investors in online activities. As such, the Solana price is still struggling to stay above $150.
However, given that there is starting to be a turn in the market sentiment toward the positive, the Solana price could be headed for a quick rebound. This is echoed by crypto analysts who have predicted that the altcoin still has room to run and one in particular suggests that new all-time highs are even possible.
Why The Solana Price Is Turning Bullish
Crypto analyst TradingShot has explained why the Solana price has been turning bullish recently. In a recent analysis, they explain that the rebound at the beginning of April has shown strength in the digital asset. This came as Solana bounced off the 1-Week MA200 at the start of last month, and this bullish start carried on to the end of the month.
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With the momentum built up, the altcoin saw multiple weekly closes, and eventually closed out the month of April with another green weekly candle. This has set it on a path toward the next critical level, which lies at the 1-Week MA50 and follows the blue trend line at around $170, as shown in the chart below.
This level is now the major point to break if Solana is to continue its bullish run in the month of May. The interesting thing about this level, as the crypto analyst explains, is that if the SOL price is able to surmount it, then it is expected to turn into support for the altcoin. Support at $170 would be quite bullish for the Solana price, serving as a possible bounce off point toward $200 once again.
Targets From Here
As stated above, the first thing is for the Solana price to actually test and break the blue trend line at $170. If this is successful and the bottom is in, then the next big target from here is the $350 level. The crypto analyst explains that this $350 target is the higher high of the wedge.
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Next, a clean break above $350 sets it on a clear path toward $900 as it sets higher highs. “Given that the recent 3-month correction was -67.23%, identical to the last correction (May 2021) of the previous Cycle, we expect one final rally to the 2.0 Fibonacci extension at $900, if the Higher Highs trend-line breaks,” TradingShot said.
Featured image from Dall.E, chart from TradingView.com