- Solana (SOL) could see a 40% rally if it breaks key resistance levels, with analysts eyeing $121 as a crucial mark for a potential surge to $147.
- However, some predict a dip to $80, viewing it as a buying opportunity for long-term investors.
Solana (SOL) has been riding a rollercoaster recently, with its price action sparking debates among analysts and investors alike. While the digital asset has seen some significant dips, a renowned analyst has raised expectations for a potential rally that could take SOL’s price up to $147—a 40% surge from its current value. However, this price jump depends on one crucial factor.
Can Solana Break Above Key Resistance?
On April 7, Solana experienced a sharp decline, dipping below $100 for the first time since February 2024. The next day, the price made a quick recovery, briefly touching $110 before pulling back to the current $107 level, according to CoinGecko. This volatility has left many wondering if the bulls can manage to erase some of the recent losses.
Ali Martinez, a prominent market analyst, is among those with a positive outlook on SOL. He pointed out that the TD Sequential indicator on Solana’s weekly chart flashed a buy signal, which suggests a possible trend reversal. For a rally to materialize, however, Martinez believes that SOL must stay above $95 and break the $121 level. If this occurs, the cryptocurrency could see a significant price surge, potentially reaching $147.
Support and Buy Opportunities
While some analysts are optimistic about a price rally, others foresee a more cautious path. Ted Pillows, another market observer, noted that SOL recently bounced off a multi-year support trendline near $110—a level it last tested in Q3 2023. During that period, the cryptocurrency soared by 1,000%, leading Pillows to speculate whether history could repeat itself.
Even if Solana’s price dips further, some investors view it as an opportunity. Analyst Alex RTB highlighted the possibility of a drop to $80, yet they are undeterred by the potential pullback. In fact, they are eyeing this level as a potential buying opportunity, especially for long-term gains. According to Alex, if SOL reaches these levels, it could present the safest entry point for those looking to invest.
What’s Next for Solana?
With such mixed predictions for Solana’s price movements, it’s clear that the cryptocurrency’s next steps are far from certain. For those looking to take advantage of the market’s volatility, the key levels to watch will be $95, $121, and the potential $80 mark. As always, risk management will be crucial in navigating this turbulent market.
