👀 Will $SOL Uptrend Remain? - Bitcoinist Analytics

Even so, some analysts are upbeat, expecting not only altcoins to recover in the sessions ahead but specifically for Solana, a top-5 coin, to emerge as a leader in the next cycle.

In a post of X, one analyst noted that provided bulls maintain the current uptrend, rejecting any attempt for lower lows, SOL will continue to float higher.

Of note, this will continue the trend seen from the better part of H2 2023, when the coin rose from obscurity to become one of the top performers, even outdoing Bitcoin. Looking at the daily chart, SOL is up 100% from January 2023 lows and roughly 8X from the pits of September 2023.

Even though there has been a cool-off after the rally to as high as $210 in March 2024, the uptrend remains. So far, SOL is down 25% from March peaks, with prices retesting a key support trend line. As bulls soak in selling pressure, attempting to reject bears of June 6, keeping prices above $160 will be crucial.

Though technical candlestick formations support this bullish outlook, there are favorable developments from the fundamental side of the equation.