Solana (SOL) has in recent days been a top performer in the crypto market. But as bulls continue to push the price action further, SOL is starting to approach a key resistance zone that could bring significant selling pressure. Our analysis is below but first, check out some highlights:
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Solana (SOL) is approaching the crucial $115 overhead resistance zone after recent bullish momentum.
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if bulls don’t rise above that price, the coin will retrace its price, tanking by nearly 30% in the process.
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At the time of writing, Solana (SOL) was trading at $105, down 6% in 24-hour intraday trading.
Data Source: Tradingview.com
Solana (SOL) – Price analysis and prediction
It looks like Solana has been going through a honeymoon period over the last few days. After losing much of its 2021 gains in January, the rebound has come fast for SOL. In fact, the altcoin has surged by a whopping 40% in the last 8 days alone.
But as bulls continue to push the price action upwards, SOL is now approaching a crucial overhead resistance zone of $115. If indeed bulls are not able to effectively test that price and surge above it, then we are likely to see SOL retrace its initial demand zone of between $78 and $65.
This will represent a correction of nearly 30%. But if indeed the upward momentum keeps going above that threshold, then it’s conceivable that SOL will hit $180.
Should you buy Solana (SOL) now?
There is a lot of good stuff about Solana as a blockchain network. In fact, the SOL ecosystem has been expanding really fast over the last few years. As far as altcoins go, it is one of the best you can have. However, I would wait for the next few days to see if a retracement towards $78 happens. This will give you a superb discount.