Solana’s (SOL) price is down 3.85% today, which means it is now trading around $129.98. However, with this market performance, some analysts are bullish about Solana.
YouTuber “Tyler Hill Investing,” who has 93.4k subscribers, posted a high-quality video about SOL’s price prediction. The analyst said he likes what the token’s price is doing right now in the market and he wants to explain why.
Solana Holding strong Fibonacci Support Zone
According to Tyler Hill, Solana’s price is responding well to a key Fibonacci zone, between the 618 and 786 levels. This range has been key for the token’s price behavior over the past several months.
The token’s ability to hold support in this area could lead to higher price targets of $250 or even $300 if market conditions improve.
Image Source: TradingView
Hill has been tracking Solana’s movement within this macro Fibonacci range for over half a year, and the token has consistently shown the ability to maintain its support levels.
This consistent support has led to increased optimism among Solana holders, as the chances of a bullish breakout are higher if the token continues to hold within this zone.
Furthermore, the rosy trading volume around Solana’s support zone suggests that both bulls and bears are actively engaging at this price level. The analyst mentioned that the price is going up and down a lot, with red and green candles, indicating that the market is still undecided.
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Show more +Show less – Comparison with Bitcoin and Ethereum Performance
These big cryptocurrencies like Bitcoin and Ethereum have been entering prolonged downtrends for a while, and Solana has not fallen much.
The YouTuber points out that, unlike BTC and ETH that constantly hit lower lows and lower highs since March, Solana has maintained its support levels multiple times without hitting lower lows and is not currently in a downtrend. This difference in price action has made Solana an appealing option for investors looking for gains in the market.
Read Also: Analyst Says Kaspa ‘Is Consistently Winning’ – KAS Price Could Hit ATH Faster Than Bitcoin
Solana Price Prediction
YouTuber sets his Solana price targets at $260 to $270 area once market starts pumping again. He believes that Solana’s current price behavior significantly reduces downside risk.
All in all, if market conditions, particularly Bitcoin’s performance, improve, Solana could experience a pump towards these higher price targets.
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The post Positive Sign for Solana Holders Is on the Chart as YouTuber Updates His SOL Price Prediction appeared first on CaptainAltcoin.
