Key Takeaways
- Bullish technicals suggest that the Solana price can reach $500 if the resistance between $230 and $250 is broken.
- SOL’s open interest has surged as crypto experts anticipate a potential $500 price target.
- The potential for SOL trading below $185 seems unlikely, as the price is aiming for a bullish rally.
Following a sudden price crash for Solana, one of the top-performing crypto assets over the last few weeks, its price was traded down to $155, marking a significant decline from $216, as the asset was poised for a strong rally towards a potential new high.
With the price of Solana crashing toward this region, it is experiencing an over 5% drop due to the decline in the Bitcoin price ahead of its monthly close. Solana’s price crash on several occasions has seen its price rebound to the upside, signaling strong bullish action.
Crypto experts and traders of this crypto asset continue to remain optimistic, speculating a potential $500 SOL price before the year comes to an end, despite the price creating new highs on several instances and suffering a significant decline.
Solana Technical Analysis
Source – Solana Price Action from TradingView
The price of Solana traded into a region of $196 following a strong price rally above $210 as the price edges closer to a key high before breaching its resistance of $220. SOL’s price crashed from this zone to $196 but found strong bullish price action, trading towards $200.
While current price action has garnered many accolades due to its strength and bulls looking to capitalize on its price to the upside, the price of SOL could continue to rally higher or see its price break into the $185 zone, resting on large liquidity pools.
Trading into this zone could see buy orders for Solana traders being filled up as prices could rally from this region with strong price action to the upside. However, if the price fails to rally to the upside and breaks below $185, we could see rice retest the lower price area of $165, which looks unlikely given the current price action.
Crypto experts have shared their opinions on the current price action, as a breakout above $230 could see the price rally towards new all-time highs and ignite the dream of SOL hitting a potential $500 before the year ends.
Experts Dream of $500 SOL
Crypto expert Inmortalcrypto on X (formerly Twitter) suggests a breakout for SOL, which has been trading in a range on weekly higher timeframes, could signal a strong bullish push toward $500 as the price edges closer to its breakout.
While this figure looks too soon considering the price continues to struggle, there is a high possibility of the price hitting this target before 2025 ends.
FAQs
How much is $1 Bitcoin in US dollars?
One BTC is currently around $112,000.
What was the lowest Bitcoin price ever?
Between 2009 and 2010, BTC was trading around $0.01, which was considered insignificant by many at the time.
How much is 1 Solana now?
SOL trades at around $210 at the point of writing this article.
How much is $1 Solana in naira?
One SOL is currently valued at 322,200 naira.
Can Solana hit 500 in 2025?
SOL’s price prediction for 2025 suggests a potential $500 price target.
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