Cryptocurrency Solana (SOL), which has been frequently mentioned lately, is trying to make a leap towards its all-time highs in November 2021 after a strong quarter. However, after reaching a price around $210, the subsequent pullback has raised questions about its future trajectory.
New Solana Forecast from Analysts
Decentrader, an expert analyst in the field, highlighted that the funding rates for the cryptocurrency Solana have significantly dropped, which could be a positive sign for bullish investors. He states in his commentary:
“It’s decision time for the cryptocurrency Solana. The price has pulled back to the $183 Sniper support. If current levels fail to hold, the main support area could fall below $150.”
The analyst also added that the decrease in funding rates after an increase could be a potentially encouraging indicator for bulls.
Another analyst, X-Istan, pointed out key resistance and support levels for the cryptocurrency Solana. The analyst mentioned that Solana could encounter resistance around $205 and find support near $180, suggesting that a potential leap could lead to a rise towards $267. However, he warned that falling below $180 could lead to a drop to $147.
Altcoin Solana Continues Its Upward Trend
The cryptocurrency Solana seems to be maintaining an overall upward trend. However, it faces challenges such as low buying volume and lackluster buying activity. On the other hand, any market downturn is expected to be temporary, with bulls anticipated to come out ahead in the long run.
The performance of the cryptocurrency Solana since the end of 2022 has been quite impressive. It is clear that its price has increased more than 25 times, indicating significant growth. Technical analyses suggest that Solana has not yet fully realized its potential and its value could increase further.
Despite short-term difficulties, the long-term expectations for the altcoin Solana look very optimistic. Currently, SOL is trading at $171, down 6.90% in the last 24 hours according to data. However, these fluctuations do not seem to hinder Solana’s future upward potential.
