Analyst Calls Solana ‘One Of The Best Coins Out There,’ Here’s Why | Bitcoinist.com



A
crypto
analyst
has


declared


Solana
to
be
one
of
the
best
coins,
highlighting
the
cryptocurrency’s
previous
price
movements,
which
are
marked
by
upsides
and
its
potential
for
a


major
bullish
rally

Solana
Gets
Best
Coin
Status


Solana,
the
fifth
largest
cryptocurrency
by
market
capitalization
has
attained
a
new
title
as
“one
of
the
best
coins.”
A
crypto
analyst,
identified
as
‘Honey’
on
X
(formerly
Twitter),
made
this
positive
statement
and
expressed

How To Get Free Crypto  


bullish
optimism
for
SOL’s
future
outlook


in
an
X
(formerly
Twitter)
on
June
9.


Sharing
a
price
chart
depicting


Solana’s
price


actions
since
the
beginning
of
2024,
the
analyst
highlighted
a
series
of
sharp
rallies
the
cryptocurrency
has
experienced
over
the
past
few
months.
The
analyst
has
also
based
her
bullish
predictions
for
Solana
on
the
possibility
that
the
cryptocurrency
maintains
a
level
above
the
1D
200-day
Exponential
Moving
Average
(1D 
EMA200).


The
EMA200
is
a
widely
recognized
technical
indicator
that
traders
use
to
identify
long-term
trends
in
a
cryptocurrency.
Staying
above
this
unique
trend
line
often
indicates
possibilities
of
bullishness,
suggesting
that
SOL
could
be


getting
ready
for
a
major
upside


Honey
has
also
disclosed
that
once


Bitcoin
(BTC)
reaches
its
bottom


and
starts
to
recover,
Solana
will
potentially
witness
a
significant


price
rebound
.
This
implies
that
when
Bitcoin
hits
its
lowest
point,
it
often
influences
the
value
and
subsequent
price
action
of
various
cryptocurrencies. 


Currently,


Bitcoin’s
price


is
on
a
major
downward
trend,
trading
below
the
$60,000
support
level
and


crashing


by
more
than
14.93%
over
the
past
month
as
selling
pressures
intensified.
The
cryptocurrency’s
decline
has
had
a
major
impact
on
the
broader
crypto
market,
causing
popular
altcoins
like

Coinbase Banner  


Ethereum
(ETH)


to
follow
its
bearish
trend. 


Against
bearish
market
conditions,
SOL
has
been
one
of
the
few
cryptocurrencies
performing
well
in
the
market
recently.
Although
cryptocurrency
has


experienced
its
own
share
of
declines
,
its
price
continues
to
steadily
climb,
fueled
by


investors’
demand
and
interest


in
the
cryptocurrency. 


Moveover,
after
VanEck’s


Solana
Exchange
Traded
Fund
(ETF)
filing
,
the
cryptocurrency
rallied
sharply,
rising
above
$150
at
some
point.
At
the
time
of
writing,
Solana
is
trading
at
$144.3,
reflecting
a
24-hour
increase
of
1.49%,
according
to
CoinMarketCap. 

Analyst
Predicts
New
SOL
Price
Target
At
$200


A
crypto
analyst
and
trader
identified
as
‘ToBTC’
on
X
has
shared
his
optimistic
stance
on
Solana,
predicting
a
bullish
surge
to
$200
this
market
cycle.
The
analyst


revealed


that
SOL’s
price
has
been
witnessing
a
major
upside,
triggered
by
the
increase
in
investor
excitement
surrounding
the
potential
approval
of

FreeBitcoin Banner  


Spot
Solana
ETFs


by
the
United
States
Securities
and
Exchange
Commission
(SEC). 


Underscoring
SOL’s
positive
performance
in
the
market
lately,
the
crypto
analyst
also
attributed
his


bullish
$200
price
target


for
Solana
to
the
rising
on-chain
activities
within
the
Solana
blockchain.
ToBTC
disclosed
that
the
combination
of
increased
on-chain
activity
and
network
engagement
has
fueled
a
3%
price
surge
for
Solana.
According
to
the
analyst,
this
bullish
development
has
positioned
SOL
to
potentially
surpass
the
$200
price
target
to
reach
new
highs.

SOL
price
wobbles
with
bearish
pressure
|
Source:

SOLUSDT
on
Tradingview.com

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson


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