Solana’s price rising towards $200M, as one of the most prominent cryptocurrencies of the current bull market, is gathering traction and momentum.
Once more, Solana, one of the most prominent cryptocurrencies of the current bull market, is gathering traction and momentum. Presently, SOL is trading at $167, a 32% increase from the previous month. The token’s stellar and consistent price increase is advancing the coin closer to reclaiming its $200 value and, ultimately, setting a new price threshold.
A recent analysis by the trading view indicates that Solana appears to be consolidating in the vicinity of the 20-day Exponential Moving Average, or EMA. This suggests that a bullish breakout of the token is imminent.
The analysis also reveals that SOL has consistently exhibited the movement above for the past six trading sessions, suggesting an imminent price surge. Nevertheless, the company may face a significant price barrier at $190, which it must surmount to achieve a final breakthrough.
“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.”
Furthermore, the SOL ecosystem has been advancing continuously across all conceivable crypto fronts. Later in the analysis, Solana’s TVL, or total volume-locked metrics, which have experienced phenomenal growth over the years, were highlighted.
“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.”
The analysis indicates that consolidation is occurring with the asset. After surmounting significant price barriers of $175, short-term support from buyers may assist in propelling 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.”
June Solana Price Prediction
Several prominent crypto analytics platforms, such as CoinCodex, share a comparable viewpoint regarding SOL. Based on data from CoinCodex, the price of Solana could increase by nearly 20% to $192 by June 2024.
“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.”
The token’s ascent will commence earlier, no later than June 5th, and it has the potential to appreciate by 0.89% en route to reaching a price of $168.
“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.”