Solana Price Prediction as Traders Predict 40% Surge Coming Soon – Here’s What You Need to Know
The Solana (SOL) price is pulling lower on Tuesday, dipping back to $150 having pushed nearly as high as $160 earlier in the day, though traders continue to predict big near-term upside for the token.
Solana succumbed to sell pressure on Tuesday after challenging the $160-163 support-turned-resistance zone, where the 50DMA also resides.
SOL is still up more than 25% versus last week’s lows. Last week’s weaker-than-expected US jobs data helped boost sentiment on rising confidence for Fed rate cuts this year.
Spot Bitcoin ETF flows have also been positive in recent days, though US regulatory fears are in focus this week. The SEC this week hit retail stock and crypto trading platform Robinhood with a Wells Notice.
For now, the Solana price remains locked within a $120-160 range.
But traders continue to predict big things for the cryptocurrency. Here’s what you need to know.
One trader thinks the Solana price is set up to post a near-term 40% surge.
Thoughts on $SOL #SOL! See ATradeSniper's idea on TradingView below. https://t.co/DCapV7Mr10
— CryptoCharts (@cryptocharts) May 7, 2024
In their post on TradingView, ATradeSniper thinks SOL can pump back above $200 after breaking out of a descending flag structure.
Other traders are also bullish on the near-term outlook.
“SOL is the most bullish chart after BTC right now,” commented popular crypto analysis account MancBTC.
$SOL is the most bullish chart after $BTC right now
Held yearly VWAP and looks ready to push $200+ this year
Ecosystem and memes booming pic.twitter.com/t8yQGcp1Ar
— Mac
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