After an impressive 2021, Solana (SOL) has lost a bit of momentum especially after the broader crypto correction we saw at the tail end of the year. The coin still managed to return 8600% in value, and as the ecosystem continues to bring in more blockchain projects, the future is looking bright. But can Solana (SOL) rebound and surge past $200 in the near term? We will analyse this below but first, some highlights:
Solana (SOL) is trading around its $167 support and has been for a while. This could suggest it's consolidating for an upward breakout.
Overhead resistance is around $180, and we expect SOL to test it in the coming days as part of a broader rally towards $200.
However, the coin is still well below its 50-, 100-, and 200-day simple moving averages, suggesting bear pressure is still high.
Data Source: Tradingview.com
Solana (SOL) – Price analysis and prediction
After losing some of the gains it had made in 2021, Solana (SOL) appears to have found sufficient support around the $167 price. In fact, for most parts in December and January 2022, the coin has traded around that threshold.
If a rally comes, it will start from $167 moving upward. But an upswing can only happen when SOL surges above its 50-day moving average of $174 and starts to retest the overhead resistance of $180.
Once it tests the $180 mark and consolidates around it, we could see an uptrend surging above $200. This move will represent gains of nearly 20% from its current $167 price.
Why you should buy Solana (SOL)
Solana (SOL) is often seen as the Ethereum alternative, and for a good reason. It offers better speeds and scalability. So far, the platform has seen increased developer activity, and its long-term fundamentals are incredible. Solana (SOL) is projected to hit $1000 by 2030, so it’s a very decent buy.