Solana is aiming for its March target after reaching a month-high of $187. After a month of correction, Solana surged impressively, touching $187 today. Currently, Solana’s price is $181.47, slightly down from earlier.
Its market cap has risen to $81.43 billion, and its trading volume has increased to $4.94 billion, showing 56% gains. Check out what’s coming next for Solana, as a pullback might cause the altcoin to dip.
Solana’s Recent Recovery and Future Potential
Solana had been on a downtrend for a long time, with prices dropping as low as $120 at the beginning of May. However, it has shown an active recovery in the past few days as crypto market conditions improve, moving back into the greed zone according to the fear and greed index. This market growth is complemented by significant gains in Bitcoin and Ethereum, which have surged to $70,859 and $3,650 respectively, bringing bullish sentiment to the market.
Despite this recovery, Solana is not yet at its peak. Earlier in the March rally, Solana reached $202.87, and it has an all-time high of $260.06, set two and a half years ago. Investors are now hopeful for a similar surge or even higher due to Solana’s high potential and its ability to host popular meme coins on its network.
Solana’s Recent Surge and Future Price Targets
The surge in Solana’s price began on the 15th, starting at $150.72 and reaching an earlier high of $187 after establishing support around $166. The charts indicate a bullish outlook for the altcoin, with current support at $175 and key resistance at $190. Given the bullish market conditions and positive sentiment for the network, Solana’s price might target $188 next. If Solana successfully crosses the $188 mark, prices could climb further to $195 and eventually $200.
However, if the price drops below the $178 level, Solana could fall to a low of $160, a crucial trend reversal zone. Overall, moving averages suggest a strong buying zone for this altcoin, which could further boost Solana’s price.
Solana’s Recovery Amidst Market Volatility
Compared to other popular altcoins, Solana has faced significant challenges, especially in recent weeks. Despite increasing demand for Solana meme coins, the price of SOL continuously declined. However, the recent price rally has revitalized the Solana network, pushing the price back to the $180 range after a month of downturn.
This recovery has reinforced analysts’ predictions that SOL could rise to $250 by the end of the year. Despite the ongoing surge, the Solana price graph remains unstable, and there is a possibility that a pullback might affect the altcoin.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
