Solana Price Reversal and Current Scenario
The SOL price recently experienced a reversal from the flipped $105, setting its sights on the next leap towards the $125 barrier.
Market Analysis: Bitcoin Influence and Recent Trends
The waning bullish momentum in the bitcoin price triggered a sudden supply pressure in the altcoin market, impacting Solana as well. On February 15th, the SOL price turned down from $118.5 and plunged to $105, registering an 11.3% loss within three days. Despite this pullback, supported by decreasing volume, there are indications of weak conviction from sellers, raising the possibility of a temporary pullback. The question arises: Should you buy the current dip?
Solana’s Recovery and Recent Developments
The Solana coin initiated a new recovery in late January, rebounding successfully from $79 support. This positive turnaround suggests that buyers are accumulating this asset at a discounted rate, a key sign of an established uptrend. The coin has uplifted by 43% and is currently trading at $113.
This recovery, backed by occasional pullbacks and increasing volume, reflects sustainable growth and the buyers’ potential to prolong the prevailing uptrend. Furthermore, Solana’s recent partnership with Filecoin marks a pivotal shift towards decentralized storage solutions, significantly boosting the blockchain’s reliability and scalability.
This collaboration enables Solana to leverage Filecoin’s decentralized storage network, ensuring data redundancy, scalability, and enhanced security for its users. The integration facilitates better accessibility and utility of Solana’s block history for infrastructure providers, explorers, indexers, and anyone requiring historical blockchain data access. This strategic move underscores the growing synergy between blockchain networks, illustrating a collective effort to forge more robust and resilient digital ecosystems for users and developers alike.
Solana’s Potential Breakout and Future Price Prediction
With sustained buying, the Solana price is expected to surge 10%, hitting the $124.5 neckline resistance of the cup and handle. This will be a pivotal point for Solana, as a potential breakout will signal the asset’s escape from nearly 2 years of accumulation.
The post-breakout rally is likely to set the price for a significant rally to $250.65.
