According to crypto analyst Altcoin Sherpa, Solana’s price action shows strong upward propulsion. The expert predicts a further upward trend for SOL, eyeing the next price target at $175.
Altcoin Sherpa shared his analysis on X, accompanied by a detailed price chart. The analyst expressed a positive outlook on SOL’s performance, anticipating a continued upward trajectory. His optimism stems from SOL’s recent price action and technical indicators.
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Solana (SOL) Price Analysis
SOL’s price has been steadily climbing as it trades around $160. This places it above the 50-day Exponential Moving Average (of $140.66. SOL faced immediate resistance near the 100-day EMA at $155.44 which has already been breached.
The crypto’s volume has been increasing, indicating growing market interest. This surge in trading activity often supports price momentum. Moreover, SOL has maintained a strong support level around $120, providing a safety net for potential pullbacks.
SOL Price Forecast
Altcoin Sherpa identifies $175 as the next key level for SOL. This target aligns with previous crucial prices and sits below the 200-day EMA at $179.14. Breaking above these levels could further strengthen SOL’s bullish trend.
The analyst cautions against expecting dramatic price movements. “Don’t expect this one to put in any 20% candles or anything like that as of now,” he noted. Instead, Sherpa anticipates a “slow steady grind” upward for SOL.
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Market Sentiment and Outlook
The overall market sentiment for SOL appears positive. Its position above key moving averages and increasing trading volume support this bullish outlook.
Altcoin Sherpa’s analysis suggests a measured optimism for SOL. While the crypto shows promise, the path to $175 may require patience.
Solana’s recent performance has interested analysts like Altcoin Sherpa. With a target of $175 in sight, SOL’s steady climb reflects growing confidence in the asset.
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