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- Solana, the popular cryptocurrency, has been struggling to return to bullish levels for the past month.
- After a brief crossover to $200, Solana has been on a downfall, with a 30% correction in the past six weeks.
- However, indicators now suggest that Solana is primed to resume its uptrend.
Solana’s recent price correction has positioned it for a potential uptrend, with crypto analysts predicting a bullish move for the cryptocurrency.
Solana To Regain Bullish Momentum?
Solana’s price rise from October 2023 to April 2024 led to an overheated market that was bound to correct. This rise was largely driven by the surge in popularity of Solana meme coins and the general bullish crypto market greed spearheaded by Bitcoin. However, as the market shifted from greed to caution, Solana started to correct along with the rest of the market.
Analysts Predict Bullish Move for Solana
According to a crypto analyst known pseudonymously as Inmortal, Solana’s recent dip to a low of $120 on May 1 was the last major price correction for the cryptocurrency in the current market cycle. As a result, Solana now finds itself ranging around a minor support at $140. Inmortal predicts that Solana is now ready to march to a fresh all-time high of $320.
Price Levels To Watch For Solana’s Next Move
At the time of writing, Solana is trading at $145, down over 30% from its yearly high of $208. After such a sharp drop, Solana has created some key price levels to watch during its next big move. The first notable price resistance is at $158. If Solana can break back above $160, it may signal the correction is over and the uptrend has resumed. On the other hand, a drop below $140 risks a move toward the next major support level at $120.
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Conclusion
Although the overall crypto market sentiment is currently neutral, the environment remains favorable for a SOL price recovery. With key price levels to watch and bullish predictions from analysts, Solana may be on the verge of resuming its uptrend.
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