According to various analysts, the price of Solana (SOL) could soon rise sharply. Analysts base this on technical indicators. The popular altcoin is currently near major resistance levels. A breakout above these zones could signal a new bull run, bringing the current all-time high (ATH) of $263 back within reach.
Resistance at $200
Currently, the SOL price is struggling with the resistance around $200. In recent days, the altcoin has made several attempts to break above this level, but each time without lasting success. This caused the price to temporarily drop to around $195. Still, analysts expect that Solana will try to break through the $200 barrier again in the foreseeable future. After all, the crypto market is regaining bullish momentum after the corrections of recent weeks.
Potential increase of 35%
If Solana’s price finally manages to break above $200, the price could quickly rise to the next resistance level at $235 — an increase of around 20% from the current price. A break above this level then opens the way for an attempt to pass the ATH of $263, which would mean an increase of almost 35%.
Outlook towards 2025
If SOL fails to break the $200 resistance, the price may remain in a short bearish trend. In that scenario, there is a potential risk of a decline to $180 or even $175, which represents a correction of about 11%.
Nevertheless, the outlook for 2025 is positive. With Donald Trump’s likely pro-crypto policy, the crypto market is expected to grow further. In addition, the arrival of a Spot Exchange Traded Fund (ETF) seems increasingly realistic for Solana, which could give the price a strong boost in the longer term.
Claim €10 free today and pay no trading fees on the first €10,000!
Grab this unique opportunity with Newsbit and Bitvavo by creating an account now via the button below. Deposit just €10 and immediately receive €10 free. In addition, you can trade your first €10,000 in trades for 7 days without any fees. Start today and benefit immediately from the growing popularity of crypto!
Create your account and claim your €10 free.
Don’t miss this opportunity to benefit directly from the growing popularity of Crypto!
Source: https://newsbit.nl/solana-sol-klaar-voor-een-explosieve-rally/