Solana Wins The Bear War, Enters In Top 5 Cryptocurrencies: What’s Next?

1 week ago 20

The market fluctuation had heavily impacted Solana as the price declined significantly in a few days only. Even though the crypto market has not improved much, Solana recovered its prices within twenty-four hours, regaining its top 5 crypto positions. Now, the crypto is aiming for a monthly high surge.

In this blog, let us analyze the Solana price movements and what is coming next.

Solana (SOL) Price Analysis

Solana started to drift on the 12th of April as the price went from $164.41 to the low point of the week at $123.99 within just two days.

With this fall, SOL’s market cap suffered heavily, causing a change in positions on CoinmarketCap, which ranks cryptocurrencies based on market capitalization.

Today, the token has finally moved positively and regained its position as the 5th top cryptocurrency. It has gained a market cap of $62,897,165,341 after a 3.83% surge. At the time of writing, the SOL price has also lifted and is currently at $140.75, trying to make a more acceptable recovery. However, this is not the best spot for Solana, as earlier, the Solana price rose to $155.48 before declining in value.

Solana dominated the crypto market last month with its continuously soaring price and increased demand in the market, especially in the meme coins community. But with the start of April, a downward trend brought down the prices by 30%.

Solana Price Future Outlook

Solana’s downward trend is about to end, as the charts have indicated potential bullish factors that can turn around the whole aesthetic of the altcoin.

Arthur Hayes, a crypto expert, has announced the end of the downturn and hinted at the bullish push for Solana.

That was the dip. Now we rip.

What are we buying on the rebound fam? pic.twitter.com/4NKPytU5d4

— Arthur Hayes (@CryptoHayes) April 14, 2024

Similarly, crypto influencers like Austin Arnold and James have predicted SOL to estimate $360. They also mentioned that SOL will succeed in capturing more than 3% of the total market cap.

The Solana technical analysis has also indicated a rounding bottom pattern in the Solana price, which will eventually turn into a bullish reversal. It has happened because of the increased buying interest for this altcoin, under whose influence the bull run might start for the cryptocurrency in the next few days.

Also read: 5 Crypto Crime Trends You Should Be Aware of in 2024

As of now, the Solana is approaching the resistance level of around $151.76. If the trend continues, the Solana price might recover to $170. But if Solana fails to surpass this resistance support, the price may decline even lower before finding support around $130.

Solana’s New Updates Might Lead The Bullish Rally

The potential surge also comes true as the network has started to roll out updates and congestion fixes to improve the network’s performance. Just recently, Solana introduced the Anza, the first update to solve almost all the congestion issues and help with network stability.

Also Read: Top Reasons Why AI Cryptocurrencies Will Dominate The Market Next

Anza is part of a much larger strategy to deal with the network issues. It emphasizes the Agave Validator client update, which introduced the preliminary fixes. However, Anza is not the satisfactory solution to completely solve this congestion issue. The maximum improvement might happen in the V1. 18 update.

Conclusion

Solana has built this ‘top-performing crypto’ image in the market and the recovery did not take long as the buying interest has increased in the last day. The rounding bottom pattern has indicated a possible bull run for the token.

Bitcoin halving will also play a significant role in pushing the Solana price. The analysts believed that the halving event would help SOL to cross the all-time high target, which has been stuck there for almost two and half years.

The post Solana Wins The Bear War, Enters In Top 5 Cryptocurrencies: What’s Next? appeared first on CoinGape.

Read Entire Article