Key Takeaways
- SOL’s price triggers a short liquidation zone of $140 as the price aims for a rally above $155 and a $180 resistance zone.
- Crypto experts speculate that if the weekly super trend continues, the price of SOL could drop 95%.
- SOL trading above $200 could lead to a mega run towards $3,800 as a classic bullish pattern emerges.
Over the weekend, the cryptocurrency market has shown some great signs of attempting a recovery. The price of Bitcoin rallied to a high of $87,000, and many altcoins are also showing some great price action gearing for a price rally to the upside.
Among these altcoins is Solana (SOL), a top-performing altcoin sitting at the 6th spot on the market capitalization ranking of assets in the crypto space. Speculation suggests SOL’s price could trade above $200 after many weeks of a market downturn that has affected its price and market sentiment.
The price of SOL trading above $120 acting as a key support zone, and a likelihood of price gearing towards a major break above $200 has sparked much speculation among crypto experts as traders and experts believe the price of SOL has what it takes to hit four figures around $3,800 in the coming months.
The renewed price optimism and speculation are due to its rising trading volume, speculation of Solana ETF approvals, and extreme whale activities returning to the Solana network in the past few days.
Solana Price Scare By Crypto Analyst Amidst Potential
Ali Martinez, a well-known on-chain analyst, has observed a growing trend shift for Solana. The price is attempting to trade below its weekly super trend. Ali Martinez hinted that the price of SOL mustn’t trade below this region, as a historical price drop could be on the way. In the past price history, SOL crashed by over 95% below its weekly super trend.
While market uncertainty for Solana and other crypto assets persists, Ali Martinez further shared a positive aspect of current SOL price action on his X account, stating that if and only if the price of SOL breaks above its classic cup and handle pattern and closes above $200, we could see a major price rally towards $3,8000.
Although market sentiment remains uncertain, crypto experts believe now is the time for opportunities to be born as investors and traders look for the perfect timing or entry point for top-performing altcoins before the crypto market recovers.
Solana Liquidation Zones Hints At Bullish Price Action
Source – SOL Price Recovers Above Short Liquidation Zone From Coinglass
The price of Solana (SOL) has seen over 7% price rally in the last 24 hours following the crypto market bouncer and price recovery as the price of SOL has shown great strength, rallying above $140 and activating the short position of traders looking to sell SOL into lower regions.
The price of SOL trading above $140 is good for the overall price trend. In the coming weeks, its price would aim to break above key resistances of $155 and $180, respectively. A break and close above $180 could spark much buzz for the SOL price, as speculation hints at a mega price rally towards $3,800.
The price of SOL trading into a region of $4,000 would be a historical rally, considering the price of SOL suffered a huge price decline in the last bear market, reaching $9.2, as many thought SOL was dead.
While the price of SOL shows promising signs, key regions to pay close attention to are the $120 support zone and the $155 and $180 resistance zones.
