Key Takeaways
- Bullish technicals suggest that the Solana price can reach $300 if the resistance between $230 and $250 is broken.
- SOL’s open interest has surged as crypto experts anticipate a potential $300 price target.
- The potential for SOL trading below $185 seems unlikely, as the price is aiming for a bullish rally on higher timeframes.
The price of Solana (SOL) could be on the verge of a major breakout to the upside following a strong bullish price action for the last couple of days, as the price has defended its price from dropping below $200 despite market uncertainties.
Although the price of SOL has struggled to maintain its bullish rally following the price drop of BTC from a region of $113,000 to $108,000, the price was unable to break out of its range of price movement for weeks.
With the price of Bitcoin showing some impressive price action, there are high chances of the market rallying behind the number one crypto asset by market price action, as this could help boost the price of Solana (SOL) to the upside.
Bulls Prepares for Rally
Solana has been positioning itself for a strong rally following institutional purchases of SOL tokens and a push for ETF approvals for months now, as this could help SOL price gain much market exposure, giving the token more opportunity for a rally towards new highs.
With new demand for SOL tokens, there is strong upside price potential for the sixth-largest altcoin by market capitalization, as the price could breakout towards the high of $230, leading to a significant market gain based on market speculation by experts.
CryptoJelle, a crypto analyst, believes the price of Solana is just a few breakouts away from a mega run, as this could potentially see the price of the token rally toward $300, compared to the previous rally, where the price of SOL retraced from its high of $295.
SOL Price Builds Bullish Price Action
Source – Solana Price Chart From TradingView
Solana’s price action has demonstrated a strong bullish price chart on the daily timeframe as the price continues to trend higher. A rally above $230 could see the price attempt a rally towards the previous all-time highs of $295.
While overall market price action points to a bullish price rally as bulls and institutions continue to accumulate prices to the upside, a price drop could see more buying around its demand area of $185 to $200.
FAQs
Is the Solana price going up or down?
Current SOL price action suggests a bullish price continuation to the upside.
Is Solana going to skyrocket?
If the price of SOL breaks above $250 with strong volume and bullish price action, we could see the price skyrocket.
Is Solana a hold or sell?
Recent price action for SOL remains a hold as crypto experts speculate a strong rally.
Can Solana hit 500 in 2025?
SOL’s price prediction for 2025 suggests a potential $500 price target.
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