After a recent 30% gain, Solana climbed above $110 this week, with most analysts predicting a sharp rise to $140. SOL’s surge speaks not only to its resilience, but also to the recovery of the crypto market as a whole. Continued ecosystem development initiatives offer a positive outlook for Solana in the weeks ahead.
Solana Bullish Prediction
Solana has been growing rapidly since October 2023. The rally eventually reached a high of $126 in December 2023. After nearly two months of decline, SOL has found its footing and launched a new bullish move with a 30% gain. The coin is currently trading near the 2023 high, just below key long-term and Fibonacci levels.
The weekly relative strength index (RSI) is sending mixed signals. Although the RSI is above 70 and rising, a bearish divergence could form depending on the weekly close.
What do analysts say?
Crypto traders and analysts on Platform X are positive about Solana’s potential. On the other hand, Inmortalcrypto expects SOL to rise to at least $140.
Sam MTI wrote that SOL has started a new bullish phase due to a resistance breakout. Bluntz_Capital analyzed the SOL/BTC pair and predicted a bullish breakout that will take the price of SOL beyond Bitcoin. As BTC is trending bullishly, he believes that the SOL/USD pair will rise parabolically and break through the $150 level in the long term.
The VR Soldier team of analysts believes that the driving force behind this rally seems to be the surge in interest in DeFi protocols on Solana, which is also related to the Jito (JTO) airdrop. The influx of capital from projects such as Jito, Kamino, and Blazestake has fueled demand for SOL, pushing up the price of the asset. They also highlighted the fact that Solana is growing and forming a bullish candle on the weekly timeframe.
SOL Forecast: Annual high is coming!
The daily time frame is strongly bullish, supporting continued gains. It shows that the price has risen since breaking out of the range low in January 2023.
Meanwhile, the RSI rose above 50 shortly after Solana recovered above the price range midline. SOL is now approaching the maximum range. This coincides with the ongoing RSI uptrend.
If the price continues to rise, it could hit the next resistance level of $140, which is 22% above the current price. This is also close to previously identified long-term levels and Fibonacci resistance levels.
Despite the bullish outlook, a SOL rebound from the range high could trigger a 10% decline back to the mid-range around $102.
