Solana price recovers today, reaching its highest point since Tuesday. This rebound coincided with the broad crypto market rally, with Bitcoin soaring above $105,000. SOL is also being boosted by popular crypto analysts, with one expecting it to get to $700 in this bull run.
Solana’s rebound ais also happening a day after the Federal Reserve left interest rates unchanged in its first meeting of the year. This decision may help Solana and most altcoins bounce back since most of them are down by over 50% from their highest point in November.
Analyst Says Solana Price Rally to $600-$700 Begins Here
In an X post, Owen, a popular crypto analyst, predicted that Solana price was preparing a strong bullish move that will push it to between $600 and $700. He pointed to a three day chart of the SOL/BTC pair, which has been forming a symmetrical triangle pattern that is nearing its confluence.
As such, he expects that the SOL/BTC pair will have a strong bullish breakout and move to 0.00400. The same breakout will happen in dollar terms and push the Solana price to $700, up by almost 200% from the current level.
Meanwhile, Trader XO, another popular analyst with over 500k followers, noted that this was the first time he was interested in Solana in a while. He expects that the coin will bounce back from the current $240 and move near $300. As shown below, he referenced the daily chart, which did a break and retest pattern by falling back to $222.9 (January 6 high). He believes that the coin has bottomed and that it will bounce back.
Trump’s Watch Sales Can be Bought Using Solana Token TRUMP
Meanwhile, Solana price will benefit from the growing ecosystem. The network had major token launches recently like Official Trump, Melania, and Vine. According to Bloomberg, users will now be able to use the TRUMP meme coin to buy watches and fragrances. That move will create utility for the meme coins and the Solana ecosystem.
Solana’s ecosystem is also seeing more utility. For example, TokenTerminal data shows that Jito has made more money in fees than popular players in the crypto industry like Ethereum and Tron. This is important since Jito is the biggest liquid staking network on Solana. Other networks like Raydium and Jupiter are also gaining market share.
Key SOL Levels To Watch
Solana price is gearing for more gains in the coming days. It is forming the handle section of a small cup and handle pattern, a popular bullish sign. SOL has also remained above the 100-day moving average.
Therefore, the first SOL value to watch will be at $263.90, the upper side of the cup. A move above that level will signal more gains to the year-to-date high of $295. That crossover will point to more gains, with the next level to watch being $500, followed by $700 as the first analysts predicts.
The bullish SOL price forecast will become invalid if the price falls below the lower shoulder section at $222.
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