Finally reversing an ongoing trend for the asset, Solana (SOL) is up more than 5% over the last 24 hours, as the impending Bitcoin Halving event could prompt a surge to the $175 level. Indeed its current status at the $146 places the asset in a vitally important zone for bulls to push it even higher.
Over the last 30 days, Solana has been struggling mightily alongside most of the digital asset sector. Specifically, that time frame is down more than 19% according to CoinMarketCap. However, there is hope that its optimally timed rally could be prepping a massive price increase soon.
Also Read: Solana April End Price Prediction: Can SOL Hit $200?
Solana (SOL) Could be Setting Up a Post-Halving Price Rally
The last two months have been increasingly interesting for the Solana network. Although it was the face of March’s meme coin rally, it featured extensive blockchain issues as a result. Specifically, users noted 75% transaction failure rates that the network approached with an April 15th update.
During the aforementioned network struggles the native token of the blockchain had struggled in value. However, that appears to be changing now. Indeed, Solana (SOL) has increased more than 5% over the last 24 hours, which could prepare it for a surge to $175 after the Bitcoin Halving.
Also Read: Solana: Ex-Goldman Sachs Exec Reveals Huge SOL Investment
The asset faced a critical Fibonacci support between $125 and $130. Subsequently, it’s maintained positive above that has led to bullish sentiment beginning to form. Additionally, its ability to remain above a Golden Ration support at $125 would be crucial to the asset’s ascension to $175.
Currently, $156 represents the next important obstacle for the asset. This is notable resistance at the 50-day EMA, according to BeInCrypto. However, the 4-hour chart for the asset has formed a death cross, which notes that a bearish sentiment could be imminent.
All eyes are now on how the price will respond to the impending Bitcoin Halving Event. Expectations are mixed, with many preparing for prices to fall when the event takes place. If the opposite takes place, it should allow enough momentum for SOL to finally propel out of the ongoing correction it has faced throughout April thus far.