Solana Price Reclaims $130! Is $200 Imminent In March?
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Price Analysis
Solana Price Reclaims $130! Is $200 Imminent In March?
Author: Elena R
Mar 6, 2024 16:23
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The crypto industry continues to display significant fluctuation in the chart due to the increased volatility in the market. Further, top tokens have recorded massive price movements within a short period, indicating an increase in the buying-and-selling pressure within the crypto space.
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On the other hand, the Solana price has added 21.32% within the past seven days and 36.40% over the past 30 days, highlighting a strong bullish sentiment in the cryptocurrency industry.
Solana Token Records Increased Price Volatility!
The SOL token traded in a closed range between $94.25 and $100 for a while, following which the market gained momentum and the Solana price recorded a jump of 16.74% over three days.
After facing rejection at $110.91, the altcoin displayed a neutral trend by trading sideways for the next eleven days. As the market volatility grew, the bulls lost momentum and recorded a correction, resulting in the price breaking down its support level.
Solana Price Analysis
TradingView: SOL/USDT
The Solana price then traded in a closed range between $100 and $107 for about a week. Following multiple failed attempts, they successfully regained momentum and recorded a jump of 11.51%, after which the price traded sideways for a while.
Recently, the bulls jumped 26.28%, following which it faced rejection at $135.45. Since then, the price has been trading in a closed range, indicating a decrease in the price action for the altcoin.
The Relative Strength Index (RSI) displays a sharp rise in the chart, suggesting an increased buying pressure in the crypto industry. Further, the averages show a high possibility of a bullish convergence, suggesting the price will continue gaining value in the coming time.
Also Read: This Altcoin Will Soon Join the Party: While XRP Price is Poised to Hit $2 in 2024
Will SOL Price Increase?
If the market pushes the price above the resistance level of $135, the bulls will regain momentum and prepare to test its upper resistance level of $143. Maintaining the price at that level will set the stage for the Solana token to attempt to test its resistance level of $150 by the weekend.
Conversely, if a trend reversal occurs, the SOL price will lose momentum and fall to test its support level of $125. Moreover, if the bears continue to hold power over the bulls, it will plunge and prepare to test its lower support level of $117 in the coming time.
Altcoins Price Analysis
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Cryptocurrency: Top 3 Cheap Coins To Buy For Massive Gains In March
Vignesh Karunanidhi
Vignesh Karunanidhi
March 6, 2024
Cryptocurrency: 3 Coins To Watch As Bitcoin Eyes $60,000
Source Watcher Guru
As Bitcoin continues its steady climb toward its all-time high price, prominent cryptocurrency analyst Altcoin Buzz believes the market is on the cusp of a major uptrend for altcoins. With Bitcoin hovering just below its peak of around $69,000, optimism is swirling among crypto investors.
Adding fuel to the bullish flames is the approval of several Bitcoin ETFs in January as well as the upcoming halving event in April 2024. The halving, which happens every four years, will slash Bitcoin’s issuance rate in half, creating a supply shock that has preceded Bitcoin’s greatest bull runs in the past.
In cryptocurrency markets, Bitcoin often leads each cycle, with altcoins trailing behind in what analysts call an “alt season.” In addition, if Bitcoin reaches another all-time high and confidence soars in the space, Altcoin Buzz expects a repeat where capital rotates down from Bitcoin into overlooked altcoins, sparking the next altcoin mania phase.
bitcoin btc up rally green
Also read: Cardano Forecasted To Surge 123%: ADA To Hit $1 Next?
Three Altcoins Primed to Surge
Eager to identify the top altcoins poised to ride this impending bull wave, Altcoin Buzz highlighted Akash Network (AKT), COTI Network (COTI), and SUI (SUI) as three standouts on their radar.
AKT aims to provide an alternative cloud computing solution by creating a marketplace where users can rent excess computing capacity. Additionally, with demand for GPUs surging, AKT’s affordable pricing model positions itself perfectly for growth. AKT is trading at $4.28 at press time.
COTI offers a financial ecosystem focused on empowering payments, stablecoins, lending, and more, all while emphasizing privacy and scaling through integration with Ethereum Layer 2 networks. After recently rallying over 300%, COTI seems ready for the next leg up. COTI is trading at $0.2012 at press time.
Also read: Ethereum Breaches $3,500; Can ETH Hit $4,000 Next?
Finally, SUI represents an emerging leader in blockchain gaming as the industry expands towards a projected $312 billion market by 2027. The team combines gaming with crypto to offer features like play-to-earn functionality, NFT integration, staking, and more, making SUI a possible breakout candidate. SUI is trading at $1.54 at press time.
With Bitcoin flashing bullish signals and these altcoins demonstrating promising utility, the start of the next major crypto bull run appears imminent. Savvy investors may want to take positions ahead of the herd before the FOMO kicks into high gear.
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Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.
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