During the early Asian trading hours, The broader cryptocurrency market has seen recovering from recent losses. Bitcoin and Ethereum are showing signs of a rebound while Cardano price is still consolidating within $2.3.
Solana turned out to be the worst performer of the day after shedding 13% of its value in a week. In the past 24 hours, Solana witnessed Major corrections as the token hit the lows at $130.69. However, during the early Asian trading hours, SOL Price showed some recovery
Solana has been highly volatile in the last couple of weeks. Initially, this Ethereum rival exploded to a new all-time high of around $215. However, a widespread crash in the market resulted in massive losses hitting $128.
Solana Price Analysis :
Solana is seeing some buying resurgence on Saturday, as it reverses Friday’s temporary drop to near the $127.50 region. At the time of writing, SOL is trading at $139.54 with 5% gains.
If the price rebounds off it, the bulls will again try to thrust and sustain the price above the downtrend line. If they can pull it off, the pair could rise to $170 and then to $200.
The bears have pulled the price back below the 20-day EMA today and the SOL/USDT pair could now drop to $108. This level is likely to act as strong support.
Conversely, if the 50-day SMA cracks, the SOL/USDT we can expect increased selling pressure, and the price could then drop to the retracement level at $98.26.
Further, the initial support lies at $123. The next support levels are followed by $119, $112, $110, and $100. On the flip side, the initial resistance lies at $150. The next resistance levels are followed by $160, $180, and $200.
SOL Price to Hit $300
Popular Analyst with Twitter handle @galaxyBTC seems to be bullish on Solana price. The analyst shared a chart stating the SOL price is eyeing to hit $300.
Additionally, Well known YouTuber with channel name EllioTrades Picks 10 Altcoins that are poised for 30x in the coming bull rally. According to the analyst, If the SOL Price Drops below $100 or $70 then we can expect the altcoin to reach a new high.