Price Analysis

Solana(SOL) Price Appears Promising, $300 Target is Incoming Yet $500 Is Imminent

Written by: Sahana Vibhute

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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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Dec 2, 2021

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Many altcoins have gained bullish momentum and flipped the bears in the past couple of days. The bears had dragged most of the cryptos below the support levels, yet the fresh surge uplifted the price. However, Solana price following the bullish trend is testing one of the important zones. A successful breach through these levels could lead the SOL price on fire that may hit $300 by the EOY.

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Solana maintained a considerable bearish trend for the whole of November and hence when the Bitcoin price ignited a trend reversal, SOL followed. At present, the asset has broken the resistance which connected all the tops in the past couple of weeks. Therefore the potential target in the short-term remains between $240 to $260. However, the upper target for the price still remains much distinct. 

The asset always maintained a stable rally and recovered quickly after experiencing notable pullbacks. Currently, after attempting to breach the important resistance at $241, the asset faced a rejection multiple times. And hence formed a double bottom pattern that appears to form yet another bottom soon. 

The bears seem to have been preparing to extract their profit and hence a small drop could be well in place. The corrections may prevail around the local support levels at $212. This is when the Solana price may get a nice boost to rebound with maximum strength. And eventually, uplift the price above $250 very soon. Yet $300 still remains the target to be achieved in the short term, and amid the bull run, the SOL price may rise as high as $500.

Also Read : Solana Surges With Grayscale Announcement! SOL Price Eyes At 30% Upswing!

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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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