Solana, one of the leading cryptocurrencies of the current bull season, is gaining momentum and traction again. SOL is currently trading at $167, up by 32% in the last month. The token’s stellar and steady price rise is inching the coin to reclaim its $200 price mark and ultimately establish a new price threshold.
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Road to $200: Solana
Per a fresh analysis presented by the trading view, Solana seems to be consolidating near the 20-day Exponential Moving Average, or EMA, which is hinting at the token’s impending bullish breakout.
The analysis further shares that SOL has been consistently portraying the said movement for about six sessions now, which indicates a spike in price is on the cards soon; however, SOL can encounter a critical price resistance at the $190 price level, which it needs to breach to avail itself of a breakthrough finally.
“Solana crypto has exhibited a steady pattern, consolidating at the 20-day Exponential Moving Average (EMA) across the last six intraday sessions. This stabilization phase followed a pullback from the upper resistance level of around $190.”
Moreover, the SOL ecosystem has steadily been progressing on all possible crypto fronts. The analysis later stressed Solana’s TVL, or total volume-locked metrics, which have grown exceptionally over the years.
“Solana has witnessed a notable increase in its Total Value Locked (TVL). In April, there was a decrease in TVL from $4.87 billion to $3.86 billion; however, it has since rebounded to $4.97 billion.”
The analysis suggests that the asset is experiencing consolidation. If SOL manages to continue its upward ascent, maneuvering past hefty price levels of $175, the short-term buyer support can ultimately help catapult the price of SOL to $200.
“Currently, the price is consolidating, and this phase could conclude if buyers manage to push the price beyond the $175 threshold. Should the price sustain an upward trend, short-term traders and investors might look at $188 and $200 as subsequent levels for realizing profits.”
Solana Price Forecast: June
Several leading crypto analytics platforms, including CoinCodex, are echoing a similar sentiment for SOL. Per CoinCodex, Solana can spike nearly 20% by June 2024 to trade at a price level of $192.
“According to our current Solana price prediction, the price of Solana is predicted to rise by 15.18% and reach $192.74 by June 29, 2024. Per our technical indicators, the current sentiment is neutral, while the Fear & Greed Index is showing 73 (greed). Solana recorded 14/30 (47%) green days with 9.56% price volatility over the last 30 days.”
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The token will initiate its ascension earlier, at the latest by June 5, and may gain 0.89% in the process to trade at the $168 price level.
“The Solana price forecast for the next 30 days is a projection based on the positive and negative trends in the past 30 days. Based on these Solana projections, SOL will be changing hands at $168.82 on June 6, 2024, gaining 0.89% in the process.”