Solana had previously touched $200 earlier in the year but this was only for a brief period before declining back down to $150. At this point, the Solana indicators are beginning to flash bullish, prompting crypto analysts to predict a resurgence above $200 for the altcoin.
Solana Shows Growth On D1 Timeframe
Crypto analyst Maximilian FX has predicted that the Solana price could be on its way to a resurgence. The analyst points to the ascending growth of SOL on the D1 timeframe as one of the reasons why the altcoin is set to recover.
Maximilian FX explains that the crypto market has also reversed from its bullish trend. This happened earlier in the week and the market began to recover once more, pushing the Bitcoin price above $63,000 for a brief period.
Taking the upward momentum of the market into account, the crypto analyst believes that the SOL price will recover above $200 again. However, it shows a retracement back down to $143, which has since been reached in the early hours of Wednesday.
From here, the analyst expects the SOL price to keep rising. “Based on the setup and current trend, the most likely target for a resistance breakout is D1 at 172.33. In this scenario, we are waiting for further growth towards the target of 200.00,” Maximilian FX stated.
SOL Establishes Support Above $125
Another crypto analyst, Orson Fawley, has predicted that the Solana price is getting ready to beat the $200 level once again. The analyst outlines that Solana has seen support develop at around $12,5.80, and this level continues to serve it well.
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For now, the price is moving toward resistance at $157, which has now become the point to beat. Fawley explains that if the altcoin is able to successfully clear this level, then $180 is the next stop. “On the other hand, SOLUSDT might still retest the support once more before the upward trend is firmly established,” the crypto analyst said.
Currently, the Solana price is trending at $146, with a 6.39% loss in the last 24 hours. However, on the 7-day chart, the altcoin is performing much better, with a 20.23% gain.
SOL price at $145 | Source: SOLUSDT on Tradingview.com
Featured image from ByteTree, chart from Tradingview.com
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Author: Scott Matherson
