“SOL still looks like one of the strongest coins on the market,” one analyst claimed.
Driven by the green wave sweeping the entire cryptocurrency market, the native Solana token briefly rose above $90, reaching its highest level in the past 20 days.
Currently, the asset appears to be at a crossroads, with some analysts calling for a price push above $100, while some indicators point to an imminent correction.
In the middle of a hack?
According to popular analyst Ali Martinez, SOL is undergoing a bullish breakout and appears to be escaping a symmetrical triangle to the upside. he He believes That surge in buying pressure could send the price to $92 or even $96. However, traders may need to hope for a potential push to the upper limit, the analyst said recently Argue Anything that falls within the $77-$94 range falls into the “no trade” zone.
Other market watchers who looked at Solana’s performance and made predictions include X users Julian and Wealthmanager. the previous male Volatility lately, but claimed that buyers are still active. They described $85 as an important support level, adding that if SOL remains above $90, it could see another move higher.
Additionally, the strategist explained that Solana’s biggest strengths are its consistently high network utilization, driven by strong coin trading activity, a large number of active users, and fast, low-cost transactions.
“Short-term moves remain aggressive, but in the bigger picture, SOL still looks like one of the strongest coins on the market,” they concluded.
WealthManager was more optimistic, Prediction That the pump to the $100 psychological guru is “just a matter of time.”
Time to cool down?
Some technical indicators, such as the Solana Relative Strength Index (RSI), suggest that the bears may soon regain control. The ratio recently jumped to 80 before falling to 66 currently, which is very close to overbought territory. The index ranges from 0 to 100, and conversely, anything below 30 is usually seen as a precursor to a rise.
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Next on the list is the growing number of SOL tokens that have been moved from self-custody to centralized exchanges recently. This is considered a bearish factor because it increases immediate selling pressure.
Meanwhile, analytics platform Lookonchain open The newly created portfolio opened a 20x short position on 240,000 SOL worth over $21 million. Such a strong bet against the asset can affect sentiment, because it indicates that the person or entity may act on information about upcoming news or events that retail investors do not have access to.
