Solana (SOL) has been on an astonishing bull run since the beginning of the year, posting impressive gains. Over the past three months, SOL has shown remarkable resilience and strong price performance, surging by nearly 860%. However, SOL spiked to $209 before retreating to $163 and rebounding strongly afterward. Presently, SOL seems ready for another major upswing.
Several crypto analysts are optimistic about the future prices of SOL. Rekt Capital is one of them, and it recently shared some insights into Solana’s price performance. According to Rekt Capital, the recent retest by Solana was not just a blip but a successful maneuvering. This implies that there is strong support for SOL, making them have enough room for more growth.
Another important thing to note is that, in his technical analysis, Rekt Capital may have noticed the possible formation of a Bull Flag on Solana. A Bull Flag pattern is characterized by a short period of consolidation following a steep rise and then a potential breakout. In other words, SOL could be preparing for yet another remarkable rally that may challenge the critical resistance zone at $208.
In addition, Wick, another leading crypto analyst, shared his opinion confidently by stating that; “SOL has once again crossed over the $200 mark.” Moreover, he added that SOL seemed ready to go up significantly, implying that those who purchase SOL at $200 may soon regret not doing so earlier.
Solana (SOL) April Price Forecast
At the time of writing, the price of Solana stands at $202.61, accompanied by a 24-hour trading volume of $5.48 billion and a market capitalization of $90.10 billion. Within the last 24 hours, SOL has seen a 3.84% increase in price, and over the past week, it has surged by almost 10%.
Solana’s latest projection by Changelly indicates that its value can improve by 12.6%, and it could hit $220.49 on April 1, 2024. The Solana market has a strong bullish sentiment of 86%, according to Changelly’s technical indicators, while the Fear & Greed Index represents a score of 75, indicating greed.
Cryptocurrency analysts are gearing up to unveil their predictions for SOL’s price in April 2024. They anticipate the minimum trading cost to be $206.96, with the potential for prices to soar as high as $664.81 within the month. The average projected value for Solana stands at approximately $435.89. This forecast implies a potential return on investment of 237%.
Related Reading | Hong Kong Exchange HKVAEX Shuts Down Amid Suspected Binance Affiliation