Key Takeaways
- Solana’s (SOL) price trades around $210 following market crashes as the price aims to defend the zone.
- Crypto experts and traders suggest that a strong bullish price action for Solana is likely following a recent price retest.
- Solana’s price will rally towards the highs of $300, claims crypto experts, urging traders not to sell.
The crypto market saw the price of altcoins, including Solana, crash to a lower price region from a high of $250 towards a key support level of $210, as many experts and traders agree that this could lead to a more bearish price decline to the downside.
While the price of the asset has declined to such low levels amid increasing worries about price uncertainties, higher timeframes for these crypto assets still suggest strong bullish price action, as the price continuously defends its key zone, which aligns with other indicators, including key demand from whales and investors.
This key level corresponds with the 23% Fibonacci level of $207, acting as a key area of interest for traders who have closely watched the price outperform Bitcoin in September, following the price of the number one crypto asset crashing towards $111,000.
As the general market looks to rebound towards the upside, crypto experts have insisted that the price of the asset should not be sold, given the numerous opportunities to re-enter before a strong push towards $350.
Crypto Experts React to SOL Price
On-chain analyst Ali Martinez believes price is playing out as expected, following a strong bullish breakout to the upside after forming a classic bullish pattern, with price retesting this zone cleanly, and a bullish price push on the cards.
According to the crypto expert, the price is expected to resume its bullish rally towards $320 in the coming weeks, which could set a new historical all-time high for Solana’s price, following the likes of Binance Coin.
AltcoinGordons also shared his insight on the current price action, insisting that traders and whales must learn to hold regardless of the price, as it nears a major rally to the upside, potentially towards the highs of $300, following strong activity in its ecosystem.
Technical Analysis for Price
Source – SOL Price Chart from TradingView
Price has demonstrated strong resilience in defending key levels of $210 and $200, respectively, as the price builds on this market confidence towards a new all-time high, aiming for daily highs of $298.
Overall market price action remains bullish on higher timeframes.
FAQs
Is the Solana price going up or down?
The price is expected to rally upwards following a recent price retest of higher timeframes.
Could Solana reach $1000?
Although this is not impossible, the potential for the price to hit $1k looks unrealistic.
Is Solana a good investment now?
It is always advisable to conduct thorough research before investing in cryptocurrency altcoins, given their extreme price volatility.
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