Crypto analysts Altcoin Sherpa and CrediBULL Crypto have shared bullish outlooks for Solana, highlighting potential accumulation zones and price targets. Their analyses suggest SOL could be poised for new local highs, despite warnings of possible short-term pullbacks.
Moreover, the crypto’s trading volume has soared indicating renewed interest in the Solana ecosystem.
SOL’s Accumulation Zone and Retail Interest
In a tweet, Altcoin Sherpa stated, “$SOL: 125-150 remains a good place to accumulate SOL.” The analyst believes Solana will be “1 of the best retail chains this cycle” and notes the continued presence of meme coin activity on the platform.
$SOL: 125-150 remains a good place to accumulate SOL. I still believe this will be 1 of the best retail chains this cycle and much of the meme coin action is still there. Strong reaction today but I still think you get another shot at 125 or lower in a few weeks personally pic.twitter.com/hx7cYGSrT6
— Altcoin Sherpa (@AltcoinSherpa) August 6, 2024
Altcoin Sherpa’s comments highlight the $125-$150 range as a potential accumulation zone for SOL. This insight provides context for investors considering entry points in the current market conditions.
Solana Shows Strength Against Bitcoin
CrediBULL Crypto provided an analysis of SOL’s performance relative to Bitcoin. He noted that SOL appears robust against BTC and identified a cluster of resistance that SOL must overcome to achieve new local highs.
Moreover, the analyst expressed confidence that surpassing this resistance would lead to new local highs. However, he warned about potential price reversals, indicating that built-up lows below could eventually get swept, advising caution despite potential highs.
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Long-Term Outlook and Price Targets
CrediBULL Crypto provided a more detailed prediction for SOL’s price movement within a larger monthly range. He suggested that while SOL might take new highs, this could ultimately be a deviation before the price breaks back into the range and targets previously built-up lows.
Per CoinGecko data, Solana’s price has increased by 7.30% in the past day, reaching $152.30 at press time. The crypto’s trading volume has surged to $6,736,789,121 during this period, indicating strong market interest.
Both analysts offered short-term price expectations for SOL, noting the potential for new local highs while also warning of possible pullbacks and lower entry points in the coming weeks.
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