For the last 25 years, Solana (SOL), a native cryptocurrency of the Solana blockchain platform, has encountered a downtrend in a short period with lower lows and lower highs.
In recent days, SOL has shown a bullish trend following its current reduction from its all-time high of $300.
According to the analysis from CoinDCX and TradingView, the bullish momentum of Solana is assisted by the technical analysis involving a bounce from Fibonacci support levels and a potential ascending triangle pattern, recommending a possible growth and significant target near $300.
The market sentiment analysis of SOL in March indicates that the token must close daily above $140 to unlock a clearer path toward the $280-$300 range.
According to Crypto Patel, the SOL token must close above the psychological price wall value, which is about $140 per day.
Solana (SOL) Has Formed a Bullish Flag
In Derivatives Metrics, Bullish sentiment signifies an anticipation that SOL prices will rise. Today, the value of SOL highlights the sign of entering a recovery stage that may conclude in a hundred percent increment to $300.
According to Mihir, a crypto analyst, since 2023, Solana (SOL) has been growing upwards and defending resistance at the lower level of the ascending trendline. The price of SOL bounces from this trendline each time, and it grows uptrend, Mihir added.
Last May, SOL traded at approximately $172 and encountered difficulty in sustaining and reclaiming a position above $180. Regardless of this resistance, Solana (SOL) has completed above its fifty-week EMA (Exponential Moving Average) for 3 successive weeks.
The Solana price today is 152.49, with its 24-hour trading volume stretching between $150.15 and $156.19, according to Bitget, a cryptocurrency platform. The price of SOL has seen a decrease of 1.9% in the last twenty hours, but in the past week, the coin experienced an increase of 8.26%, Bitget added.
According to Coinglass, about 16.95% of Solana’s 24-hour volume increased to reach the momentary amount of 14.69 billion.
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At the end of last week, the price of the SOL token rebounded after hitting a low point below $130. Recently, the coin has been trending upwards by forming a pattern in which each drop is greater than the preceding one, which implies a bullish signal.
The bullish trend of Solana (SOL) progressively defended 145-148 twice, so it became the primary support, which implies the new context of the uptrend. This defense shows a bullish market sentiment, recommending an upward bias and constant accumulation for Solana.
When analyzing the market sentiment from a larger perspective, the long-term investors are anticipating positive results. Solana is encountering an increase in stablecoin inflows, which implies that new capital is settling on the network. The Layer 1 chain activity indicates that developer activity is high, where Layer 1 is the blockchain’s base layer.
Nevertheless, the current results recommend a growing and healthy ecosystem for Solana (Sol), with enhanced developer interest and user activity.
