Solana (SOL) has emerged as a beacon of resilience, experiencing remarkable gains over recent days. The cryptocurrency, often dubbed the “Ethereum killer” for its high throughput and low fees, has embarked on a three-day bull run, catapulting its value to new heights.
During the past week, SOL witnessed a staggering surge of nearly 30%, breaching the $137 mark with conviction. This surge adds to its impressive momentum, as SOL’s price has seen a commendable uptick of 40% over the last month, setting the stage for further potential growth, albeit with the possibility of corrections.
Amidst the bullish sentiment, Bitcoin, the leading cryptocurrency, recently surged to new highs, surpassing the $64,000 mark. While many altcoins struggled to keep pace, Solana distinguished itself by surging over 40% to achieve fresh yearly highs. This surge positions SOL on the cusp of entering a bullish phase, with analysts eyeing initial targets around $150 and anticipating further upward momentum afterward.
Crypto analyst Rekt Capital underscored the significance of Solana’s recent breakthrough, particularly its surge beyond the confines of its Ascending Triangle pattern. According to Rekt Capital, this breakout signals a potential reversal in the prevailing bearish sentiment, paving the way for sustained upward momentum.
Rekt Capital further noted that any pullbacks following the breakout could serve as critical retest points, validating the newfound bullish trajectory of SOL. These retests are pivotal in confirming the strength of SOL’s uptrend and ensuring its continuation.
Solana (SOL) Short-term Price Forecast
As of the latest data, Solana’s price stands at $134.59, with a 24-hour trading volume of $12.43 billion and a market capitalization of $59.58 billion. While SOL experienced a modest 0.77% increase over the past 24 hours, market observers are closely monitoring its trajectory amidst varying predictions.
According to Changelly’s Solana price prediction, a 5.71% decrease is anticipated, potentially leading to a drop in SOL’s value by March 2, 2024. Despite this short-term outlook, technical indicators reveal a predominantly bullish sentiment, with an 86% market sentiment favoring bullish movements and a Fear & Greed Index scoring 80, indicating extreme greed among investors.
Looking ahead, crypto experts draw insights from Solana’s price fluctuations at the onset of 2023, forecasting an average SOL rate of $131.76 in March 2024. Within this projection, the minimum and maximum price ranges for SOL are estimated at $116.25 and $147.27, respectively.