Price Analysis

Is Solana’s (SOL) Price Hitting $500 Possible Before the End of Q2 Trade?

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Solana‘s price after breaking through a notable descending wedge spike notably by more than 45% and appears to continue with the same trend. Currently, the SOL price is consolidating above $120 firmly displaying possibilities of smashing $130 any time from now. However, if the price seals the day’s close above $130 then a clear path towards $135 may become clear. Yet the possibility of the price experiencing a minor pullback may not be completely nullified. 

The SOL price is swinging within a decent uptrend parallel channel and amid the recent slash visited the lower support at around $117 for some time. And hence these levels are now considered as newly formed support levels or entry levels for the traders to open their bids. And hence a popular analyst believes SOL price may again slide below $120 to range between $115 to $117 where-in the traders can place their bets. 

The price received a significant buying pressure in the past couple of days which enables the asset to pull a massive leg up above $130. The rejection an inch below $140 clearly points out towards the target for the weekend which is around $145. And hence aim for a breakthrough above $150 by the mid of April. 

Solana appears to be on the path of a massive recovery now and hence could continue ranging high until it hits the levels above $170. SOL price appears to repeat the bullish pattern, it ignited during the second-half of 2021 rally where-in it surged more than 470% to hit the ATH. If the trend replicates, then a bull run towards $430 to $440 levels may be imminent.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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