Bitcoin prices continue to feel the impact of the US inflation tremors, dropping to as low as $48,300. As the price also dipped below $48,800, the possibility of a new test towards the $44,700 region has emerged. What are the current predictions for SOL Coin, and what should investors expect?
Solana (SOL)
Since October 2023, the SOL Coin price has been rising rapidly, reaching a peak of $126 before the end of December. After two months of weak attempts, SOL Coin has recovered and started an upward movement with a 30% increase. Although it’s unclear how far the BTC decline will continue, for now, the demand for SOL Coin remains strong.
The weekly RSI is significantly above the neutral zone, and at the time of writing, the price is in the $110 region. We can say that popular cryptocurrency analysts are also optimistic about the current outlook. For example, Inmortalcrypto wrote that the current trend could lead to a new peak of $140.
On the other hand, Sam MTI mentioned the start of the rally’s next leg, citing the break above resistance. Bluntz_Capital analyzed the SOL/BTC pair and indicated a new breakout for SOL price to outperform Bitcoin.
Bluntz has set a target of $150 for SOL.
SOL Coin Price Prediction
Readings on the daily chart suggest the upward movement will continue. The steady rise is supported by the increase following the deviation in 2023. At the time of writing, BTC bulls are also struggling to push the price up, making SOL Coin expectations positive.
Five days ago, the SOL price surpassed the mid-range, and now it’s targeting the peak. If the RSI increase supports this, SOL Coin investors could return to the sleepless nights of excitement. Moreover, SOL Coin has surpassed BNB in market value today, which is a significant source of motivation.
If the SOL price continues to rise, it could reach the next resistance, namely $140. Despite the bullish prediction, closures below $102 could bring the medium-term bottom target of $80 back into discussion.
