A crypto analyst has declared Solana is one of the best coins, highlighting the cryptocurrency’s previous price movements, which are marked by upside and its potential for a major bullish rally.
Solana Achieves Top Coin Status
Solana, the fifth-largest cryptocurrency by market cap, has earned a new title of “one of the best coins.” A crypto analyst, identified as “Honey” on X (formerly Twitter), made the positive statement and expressed Bullish optimism for SOL’s future prospects in an X (formerly Twitter) on June 9.
Sharing a price table illustrating The price of Solana Looking at stocks since the beginning of 2024, the analyst highlighted a series of strong rallies that the cryptocurrency has experienced in recent months. The analyst also based his bullish forecast for Solana on the possibility of the cryptocurrency maintaining a level above the 200-day 1D exponential moving average (1D EMA200).
The EMA200 is a widely recognized technical indicator that traders use to identify long-term trends in a cryptocurrency. Staying above this unique trendline often indicates upside potential, suggesting that SOL could be prepare for a major increase.
Honey also revealed that once Bitcoin (BTC) hits record low and begins to recover, Solana will potentially witness a significant price reboundThis implies that when Bitcoin hits its lowest point, it often influences the value and subsequent price action of various cryptocurrencies.
Currently, The price of Bitcoin is in a major downtrend, trading below the $60,000 support level and to crash by more than 14.93% over the past month as selling pressures have intensified. The cryptocurrency’s decline has had a major impact on the broader cryptocurrency market, causing popular altcoins like Ethereum (ETH) to follow its downward trend.
In bearish market conditions, SOL has been one of the few cryptocurrencies to perform well in the market recently. Although the cryptocurrency has has seen its share of declinesits price continues to rise steadily, fueled by investor demand and interest in cryptocurrency.
By the way, after VanEck Solana Exchange Traded Fund (ETF) FiledThe cryptocurrency has seen a sharp rise, surpassing $150 at one point. At the time of writing, Solana is trading at $144.3, reflecting a 1.49% increase over 24 hours, according to CoinMarketCap.
Analyst predicts new SOL price target of $200
A crypto analyst and trader identified as “ToBTC” on X shared his bullish stance on Solana, predicting a bullish push to $200 during this market cycle. revealed that the price of SOL has seen a major surge, triggered by increased investor enthusiasm around the potential approval of Spot Solana ETF by the United States Securities and Exchange Commission (SEC).
Highlighting SOL’s positive performance in the market in recent times, the crypto analyst also attributed its $200 bullish price target for Solana due to increased on-chain activity within the Solana blockchain. ToBTC revealed that the combination of increased on-chain activity and network engagement fueled a 3% price increase for Solana. According to the analyst, this bullish development has positioned SOL to potentially surpass the $200 price target to reach new highs.
Featured image created with Dall.E, chart by Tradingview.com
