Solana (SOL) targets a 20% rally amidst growing buying pressu | Bitcoin Industry
Solana (SOL) targets a 20% rally amidst growing buying pressure
The price recovery that has been forming since yesterday has led to notable gains for Solana (SOL/USD). The token now looks primed for a 20% uptrend after recovering from a dip below $150.
Solana bulls are leading the market in its recovery, and the token is currently aiming at levels above $200. The Ethereum (ETH/USD) killer stands as one of the leading gainers among the top 10 cryptocurrencies.
Solana targets $200
Solana’s weekly low stands at $151, and it dropped to this local bottom after a recession across the broader market. However, the current price action indicates that SOL is receiving credible support, and the bulls are giving the token the chance to make a strong upswing.
During the past 24 hours, Solana’s price climbed from $157 to the current $180, representing an almost 10% gain. Going by this price action, Solana can make a 20% uptrend and eye the next short-term target of $212.
However, for SOL to make this uptrend, it needs to overcome the first obstacle at $186. The price is where the 100-day simple moving average (SMA) and the 50% retracement level intersect. The other obstacle will be formed at $191, the 21-day SMA.
If Solana continues to witness high buying pressure, it could push past the short-term target of $212 and aim for its all-time high of $259. However, to rally towards a new all-time high, SOL needs to tackle another higher resistance at $227, the 78.6% Fibonacci level.
Solana’s could also slide to support at $170
On the downside, SOL could also dip if there is a rise in the sell orders. In this case, the token will retest towards the immediate resistance at $170. The other critical support level lies at $161, the token’s October 7 high.
With this in mind, it is also critical to note that the Solana blockchain is recovering from a distributed denial-of-service (DDoS) attack that happened on Thursday last week. The disruption arising from this attack coincided with a bearish trend in the broader market, causing SOL’s major dips. The network’s recovery could also be a major recovery for the native token.
