A crypto analyst has declared Solana to be one of the best coins, highlighting the cryptocurrency’s previous price movements, which are marked by upsides and its potential for a major bullish rally.
Solana Gets Best Coin Status
Solana, the fifth largest cryptocurrency by market capitalization has attained a new title as “one of the best coins.” A crypto analyst, identified as ‘Honey’ on X (formerly Twitter), made this positive statement and expressed bullish optimism for SOL’s future outlook in an X (formerly Twitter) on June 9.
Sharing a price chart depicting Solana’s price actions since the beginning of 2024, the analyst highlighted a series of sharp rallies the cryptocurrency has experienced over the past few months. The analyst has also based her bullish predictions for Solana on the possibility that the cryptocurrency maintains a level above the 1D 200-day 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 trend line often indicates possibilities of bullishness, suggesting that SOL could be getting ready for a major upside.
Honey has also disclosed that once Bitcoin (BTC) reaches its bottom and starts to recover, Solana will potentially witness a significant price rebound. This implies that when Bitcoin hits its lowest point, it often influences the value and subsequent price action of various cryptocurrencies.
Currently, Bitcoin’s price is on a major downward trend, trading below the $60,000 support level and crashing by more than 14.93% over the past month as selling pressures intensified. The cryptocurrency’s decline has had a major impact on the broader crypto market, causing popular altcoins like Ethereum (ETH) to follow its bearish trend.
Against bearish market conditions, SOL has been one of the few cryptocurrencies performing well in the market recently. Although cryptocurrency has experienced its own share of declines, its price continues to steadily climb, fueled by investors’ demand and interest in the cryptocurrency.
Moveover, after VanEck’s Solana Exchange Traded Fund (ETF) filing, the cryptocurrency rallied sharply, rising above $150 at some point. At the time of writing, Solana is trading at $144.3, reflecting a 24-hour increase of 1.49%, according to CoinMarketCap.
Analyst Predicts New SOL Price Target At $200
A crypto analyst and trader identified as ‘ToBTC’ on X has shared his optimistic stance on Solana, predicting a bullish surge to $200 this market cycle. The analyst revealed that SOL’s price has been witnessing a major upside, triggered by the increase in investor excitement surrounding the potential approval of Spot Solana ETFs by the United States Securities and Exchange Commission (SEC).
Underscoring SOL’s positive performance in the market lately, the crypto analyst also attributed his bullish $200 price target for Solana to the rising on-chain activities within the Solana blockchain. ToBTC disclosed that the combination of increased on-chain activity and network engagement has fueled a 3% price surge 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 from Tradingview.com
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