Solana (SOL) has been on a decent bull run over the last few weeks. After tanking to around $60 just the other day, the altcoin has been rallying, and it doesn’t seem like the momentum is about to stop. Here is what we know so far:
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Solana has surged above $100 for the first time in weeks
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The bull run has smashed past several key overhead resistance zones.
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The coin is likely to settle at $130 in the near term.
Data Source: Tradingview
Solana (SOL) – How will the momentum play out?
The broader crypto market has been doing quite well as we wrap up March. But altcoins like SOL have seen more gains. The coins have also had a brutal start to the year. Even though we have seen rallies here and there, the general trend for SOL and other altcoins has been very bearish.
But SOL appears to have reversed that trend. After bottoming to around $60, it seems like bulls have now taken over. Also, SOL has smashed past several key overhead resistance zones, including the $95.
The goal now for bulls will be to get the coin above $105. If this happens, it is likely that SOL will continue surging before finally settling at around $130. However, this thesis will be invalidated if bulls are not able to keep the price action above $95.
Why Solana (SOL) is a good buy?
Solana (SOL) has remained one of the hottest crypto assets on the planet. It is touted as the Ethereum killer thanks to its faster transaction speeds and low gas fees. The recent dip basically gave investors the chance to buy on the cheap.
But overall, Solana is expected to smash well above $200 somewhere this year and end even further higher by the time we cross into 2023. For any investor, owning SOL is highly recommended.