Solana Preparing for a 60% Move This Month-Can the Bulls Push the SOL Price Post $350?

The crypto markets appear to have the ability to deal with the Bitcoin value rally that reached a brand new ATH of $97,800 simply moments in the past. Furthermore, the altcoins stay smooth or battle to remain above assist, ready for a pleasant push. Solana, the fourth largest cryptocurrency, appears to be caught in related sentiments because the bulls do their finest to push ranges larger, however quantity would not appear to be in its favor.

The SOL value has remained excessive since recovering from the low of round $156 within the first few days of the month. Since then, the worth has skilled a steep rise, just like Bitcoin, and because the BTC value heads in direction of the $100,000 mark, the SOL value can be getting ready for the invention section. After surpassing the ATH at $260, the worth is anticipated to develop into unstoppable and proceed a steep uptrend, rising greater than 50%.

After consolidating round $240, SOL value staged a powerful rise after breaking above the channel resistance. Though the bears put up a troublesome combat, the big shopping for stress brought on the worth to rise barely. Nonetheless, the rise doesn’t but present affirmation of an prolonged upward development. As soon as the rally breaks above $250 and holds, the rally is anticipated to set off one other upswing in direction of new highs.

The worth was buying and selling inside a bull flag as the most recent surge helped it rise above the resistance. Because of this, the bulls could launch a bullish assault subsequent that might lead the rally to 1.2 FIB ranges, which falls round $330. Nonetheless, crossing $300 won’t be a simple process for Solana’s value rally because the RSI simply touched the higher restrict and confirmed a bearish divergence. The MACD exhibits a rise in shopping for stress, however has but to succeed in the extent that might result in a bull run.

Presently, the bulls and whales are focusing extra on the Bitcoin value rally, which is about to succeed in the $100,000 mark. Because of this, dominance is continually growing, and as soon as it reaches its peak, a rejection could cause a powerful alternating season. This may very well be the time when the Solana (SOL) value may rise and attain a brand new ATH of round $350 by the top of 2024.