Solana coin banner. SOL coin cryptocurrency concept banner background.
Solana price has started its bull run before any other digital asset. This means a miraculous recovery for a cryptocurrency that was pronounced dead after the collapse of FTX last year. However, the remarkable comeback can be attributed to multiple tailwinds.
The biggest factor behind the ongoing surge in SOL crypto is the breakout in BTC price above $32,000. This breakout in the pioneering digital asset has boosted investor sentiment while also increasing their risk appetite.
After a phenomenal run, Solana is now trading almost 17% below its recent highs. However, don’t let anyone fool you into believing that this is the top, as the bullish market structure remains intact.
I don’t expect Solana price prediction to flip bearish until a breakdown below $51.5 in the 4-hour timeframe. Even then, the daily chart will likely remain bullish, but we may see at least a deep pullback on the lower timeframe in case of a breach of this support level.
This post was last modified on Nov 21, 2023, 10:12 GMT 10:12