Price Analysis

Solana(SOL) Price Could Take Up Another 3x Rally To Reach $250 By This Day!

Written by: Sahana Vibhute

October 25, 2021

The crypto market is yet again on the verge to record a $1 billion trading volume with a market cap of more than $2.6 trillion. BTC price is back above $63,000 while the Bitcoin dominance sustains around 45.7%. And hence it has ignited the rest of the altcoins, specifically the top 10 including Solana price. 

The asset formed its new ATH recently around $215 and since then was dragged back below $190 within a couple of days. However, the previous day’s trade witnessed a substantial rebound that uplifted the price above $205. Yet there is a tough fight between the buyers and sellers for a couple of hours. And hence the candles in the 4-hr frame mirror the Doji pattern. 

Source: Tradingview

Considering the pattern, the price is following a falling wedge pattern and quickly broke the channel to form a new ATH. With a strong retest at the support levels at $205 after a slight pullback from the higher levels. However, a rebound from here can increase the chance of smashing $220 in near future. 

With the upcoming rally, a substantial surge is fast approaching which can elevate the target beyond $250 at $335 as said by analyst Stacking. However, with the intensified rally, the chances of the asset flipping Cardano(ADA) are pretty high in terms of market cap. 

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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