After several weeks of decline, the cryptocurrency market has been steadily increasing over the past several days, displaying signs of recovery.
After testing a crucial technical resistance, Solana (SOL) moved slightly lower on July 20, pointing to potential downward movements in the coming weeks.
Recent Solana price analysis shows that the bulls are now in control as the cryptocurrency’s values have breached the $45 threshold. As long as $41 acts as support, the market is expected to keep rising.
Nevertheless, if prices fail to break over the $42 resistance level, the bears can fight their way back. SOL is currently trading at $45.07, up 39% over the past seven days, according to data from Coingecko on Tuesday.
Experts Bullish for Solana
Raoul Pal, CEO of Real Vision and a macro specialist, believes that Solana may one day outperform Ethereum (ETH). If SOL surpasses a recent high against ETH, the former Goldman Sachs executive believes it has a good possibility of doing very well.
“SOL/ETH broke the channel and has corrected. Not yet clear if its going to outperform ETH yet but if it takes out recent high, chances are it will do very well. In last 4 weeks I built a decent long SOL (and added more ETH) but SOL is much smaller but still significant.”
Analyst, Cantering Clark, has high hopes for the Ethereum rival. The expert advises that after SOL defeated both its diagonal and horizontal resistances, the correct market circumstances would enable Solana to put together a significant rally.
He said that if the market continues to support ETH’s rise, SOL will soar significantly higher. Lots of open interest and risk were added as the price dropped from $50 to $40. Looks to have bottomed out temporarily; can rip.
Pentoshi, a pseudonymous analyst, is likewise upbeat about the cryptocurrency asset. Last Monday, he informed his 587,000 Twitter followers that SOL would reach the $58–60 range, “maybe even $80,” if it crossed the $42 barrier.
The post appeared first on Coinpedia
