🚀🚀🚀 #Solana Price Forecast: This $260M Signal Could Drive SOL to $200 in May 2024
Solana's recent surge to $155 on May 6 marks a monthly gain exceeding 25%, suggesting potential profitability for $SOL in May 2024.
Price Surge: 31% in 6 Days
- In May 2024's crypto market rally, Solana, alongside $BTC and ETH, stands out with a 31.9% surge in just six days.
Increasing Open Interest: $260M
- Solana's derivatives market shows growing confidence, with a $260 million surge in open interest since May 2024's start. This indicates traders anticipate further gains, primarily driven by spot market demand.
SOL Price Forecast: Challenges on the Road to $200
- Despite SOL hovering around $155, insights from the $260 million capital influx suggest a potential move towards $200. However, reaching this milestone may face resistance at $158.27. Yet, strong support at the $143 level offers a buffer against potential corrections.
- Additionally, SOL's positive correlation with #Memecoins🤑🤑 like #WIF🔥🔥 , SHIB, and DOGE suggests increased chances of reaching $200 in May 2024 if the meme sector's rally continues.
Remember, investing in cryptocurrencies is highly speculative and involves a significant risk of loss. You should never invest more than you can afford to lose also do your own research.
Source - thecryptobasic.com
