After The recent bullish rise of 30%, Solana climbed above $110 this week and most analysts are predicting a sharp rise to $140. The surge of SOL is not only proof of its resilience, but also speaks to the revival of the entire crypto market. Continued ecosystem development initiatives provide a positive outlook for Solana in the coming weeks.
Solana Bullish Predictions
Solana has grown at a rapid pace since October 2023. This rally culminated in a December 2023 high of $126. After almost two months of decline, SOL found its footing and launched a new bullish move, strengthening by 30%. The token is now approaching its 2023 high, just below critical long-term horizontal and Fibonacci levels.
The weekly relative strength index (RSI) is giving mixed signals. Although the RSI is above 70 and rising, it could form a bearish divergence depending on the weekly close.
What Do Analysts Say?
Cryptocurrency traders and analysts on Platform X are positive about Solana’s potiential. On the other hand, Inmortalcrypto expects SOL to rise to at least $140.
Sam MTI wrote that SOL has started a new bullish phase up thanks to a resistance breakout. Bluntz_Capital analyzed the SOL/ BTC pair, predicting a bullish breakout that would see the price of SOL surpass Bitcoin. Since the BTC trend is bullish, he believes that the SOL /USD pair will rise parabolically and break through the $150 level in the long-term timeframe.
sol/btc shaping up beautifully here.$sol is gonna rip imo, $150 LFG pic.twitter.com/gU6cuZwWb8
— Bluntz (@Bluntz_Capital) February 12, 2024
The VR Soldier team of analysts believe that the driving force behind the rally appears to be a surge in interest in DeFi protocols on Solana, also it’s associated with the Jito (JTO) airdrop. The influx of capital into projects such as Jito, Kamino and Blazestake has fueled demand for SOL, pushing the price of the asset higher. Also they highlighted the fact that Solana is growing and forming a bullish candle on the weekly timeframe.
SOL Forecast: New Yearly Highs Are Coming!
The daily timeframe is strongly bullish, supporting the continuation of the upward movement. It shows that price has risen since moving below the range low in January 2023.
The RSI, meanwhile, rose above 50 shortly after Solana recovered above the midline of its price range. SOL is now approaching the maximum range. This coincides with the ongoing RSI uptrend.
If the price continues to rise, it could reach the next resistance at $140, 22% above the current price. This is also close to the previously identified long-term horizontal level and Fib resistance level.
Despite the bullish outlook, a rebound in SOL from the range high could trigger a 10% drop back to the mid-range around $102.
