As the cryptocurrency market comes to terms with Ethereum’s (CRYPTO: ETH) record highs, predictions about Solana (CRYPTO: SOL) hitting its magic number have also surged.
New SOL Highs In A Few Weeks?
Ted Pillows, an angel investor and cryptocurrency market observer, took to X on Sunday to express his bullish sentiment on Solana.
“Solana has reached a very crucial level. A reclaim of $210-$220 level will send SOL to new highs in a few weeks,” the analyst projected.
As of this writing, SOL was 32% away from its all-time high of $294.33. To add some context, the coin has gained only 5.58% year-to-date and over 27% in the last year.
Widely followed cryptocurrency analyst Ali Martinez, meanwhile, painted a more reasonable target. He highlighted $211 as a key resistance for SOL, which, if broken, might trigger a rapid rise to $222.
“$222 becomes a magnet if Solana breaks past $211!”
Derivatives Traders Bet On SOL’s Rally
Solana’s derivatives market had a clear bullish bias, with over 67% of Binance traders with open SOL positions betting on its price rise, according to Coinglass.
Meanwhile, the crucial Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a “Buy” signal for XRP, according to TradingView.
The Bull Bear Power indicator, which measures the strength of buyers and sellers, showed a “Neutral” reading.
Crypto Market Tumbles After Gaining Momentum
This prediction comes amid a turbulent period for cryptocurrencies, with leading coins experiencing a flash crash following a massive Bitcoin (CRYPTO: BTC) sell-off. SOL surged to a high of $213 but sharply reversed course, tumbling to $198 later in the day.
Brokerage firm Bernstein recently projected Bitcoin to reach $200,000, while also identifying SOL and ETH as the altcoins most likely to lead the next cycle.
Price Action: At the time of writing, SOL was exchanging hands at $199.97, down 3.88% in the last 24 hours, according to data from Benzinga Pro.
Read Next:
