✅✅ Assessing whether Solana $SOL can reach $200 before May ends
Solana [SOL] had experienced a surge of 165% as from late January to late March before consolidating in a bullish pennant.
At press time, the price of Solana was at around $169.3 . SOL was still consolidating in the bullish pennant before the likely continuation surge.
If the price manages to drop beyond the demand zone, a further drop to the pennant support level is possible.
However, if the price retraces at the demand zone after filling the fair value gap, and build enough bullish momentum to breakout of the pennant resistance zone, a surge to $200 target is likely.
What does Solana’s future look like?
AMBCrypto’s look at Coinglass data on Solana Long/Short Ratio Chart, showed that long — short ratio has been high in the last several days, indicating bullish momentum was building.
This is because a high long short ratio indicates bullish momentum and that traders have an appetite to buy and hold.
AMBCrypto’s look at the social volume chart from Santiment showed a positive correlation between Solana’s price and social volume. Increased social media activity drives public interest, leading to price surges.
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