Key Takeaways
- SOL social engagement ranks high, suggesting strong bullish price sentiment ahead of a possible rally to $300.
- Crypto experts share that the SOL weekly price breakout could boost the price to its all-time highs.
- Solana breaking its downtrend and trading above 50-day and 200-day EMAs shows bullish control.
Solana once more is making strong headlines over its social engagement ahead of other layer-1, as it could challenge Bitcoin on recent social engagement metrics. The price of SOL rallied to a high of $187 for the first time in the last four months, losing its all-time highs to trade towards a region of $95 before breaking its downtrend to the upside.
The price of Solana has not only gained much social engagement but could be setting up for a potential rally to new highs following a strong breakout above the key resistance of $187, but it suffered a minor rejection.
Despite current market volatility, Solana has shown strong bullish price action as speculation suggests the price of SOL is on the verge of a major uptrend, forming consistent higher highs and higher lows to the upside with increasing volume due to the memecoin rally on its chain.
SOL Market Sentiment
With the current social engagement indicating bullish market sentiment towards the SOL price, we could see the price of SOL trade into a higher price point after suffering a prolonged price decline below the $120 demand zone that has held price from bearish price dominance.
Crypto expert Donnie, on his X account, has identified a strong bullish breakout to the upside following the price of SOL rallying towards $187, following the steps of BTC as the price created new highs.
Current market sentiment favors Solana’s price, as this could increase demand and investors’ interest in SOL, boosting its price to a new all-time high. The price trades above its key zone on the weekly timeframe ahead of a possible strong monthly close, with the market expected to continue higher in June.
SOL Technical Analysis Ahead Of Monthly Close
Source – SOL 1W Price Analysis From TradingView
Following a strong breakout above the 50-day and 200-day EMAs (Exponential Moving Averages), the price of SOL left a liquidity void on the weekly timeframe, which price retraced to fill up and continue bullish price action.
If the price of SOL closes above $200 in the coming days ahead of its monthly close, we could see a strong price rally for SOL in June. The price is expected to aim for strong weekly highs in the region of $295, which would see the price rally by over 80%, completely closing the gap from its price crash in the last few months.
Traders and investors would pay close attention to SOL above $190-$200 as the price responds, which would indicate a potential strong rally to a high of $250 or a minor retracement to give bulls more buying opportunity.
