Solana Price: Can It Recover from Recent Struggles Before the Bitcoin Halving?

• Solana rises 6.37% to $149.02 in 24 hours, signaling market recovery.
• Market analysts foresee a bullish phase, with SOL potentially reaching the $360 mark.
• SOL nears $154.83 resistance with bullish trends evident in market indicators.

In the latest market update, Solana (SOL) is rebounding in value, rising 6.37% in the past 24 hours to $149.02. This rally is part of a broader recovery in the crypto market, highlighted by Bitcoin’s recent surge past the $65,000 mark. Despite facing a sharp decline, with a 15.79% drop over the past week and a 14.94% decrease in the last 30 days, SOL’s latest performance indicates a potential turnaround.

Analysts Weigh In on Solana’s Booming Market Potential

Cryptocurrency expert Arthur Hayes has contributed to the optimistic outlook, suggesting that the market downturn is over and a bullish phase is imminent. His assertion, “That was the dip. Now we rip,” accompanies his plans to launch a new crypto token named $BULL, which is scheduled for presale tomorrow. The presale will have buying limits set between one and three SOLs, catering to a wide range of investors.

Further fueling the positive sentiment, during a recent interview, social media influencers Austin Arnold and James from Invest Answers discussed their perspectives on Solana’s future. James shared his experience of buying SOL at $8 during a market low, with his initial target price set at $100. 

Surprisingly, Solana’s price later soared to between $175 and $180, surpassing his expectations. Looking ahead, James sets a super conservative estimate for Solana at $360, assuming it captures 3% of the total crypto market cap, which currently stands at one trillion dollars. 

Technical Indicators Signal Rising Bullish Trends

On the 4-hour chart, the SOL token exhibits bullish momentum as it approaches the resistance level at $154.83. A successful breach of this resistance could propel the token’s price, targeting a marked rise toward another key resistance level at the $170 mark as part of the broader market recovery rally. However, failure to surpass the $154.83 mark could result in a temporary pullback, potentially driving the price down to the support level of around $130.

SOL/USD 4-Hour Chart (Source: TradingView)

The MACD indicator suggests increasing bullish momentum despite currently being in the negative zone at a value of -6.04. The indicator’s upward trajectory and position above the signal line hint at a potential shift toward positive territory, which would confirm a continuing uptrend. Additionally, the histogram bars on the MACD are expanding above the zero line with a current value of 1.54, reinforcing the bullish outlook by indicating growing buying pressure.

Meanwhile, the RSI (Relative Strength Index) is positioned at 49.78, within the neutral zone. This placement suggests that the SOL token is neither overbought nor oversold at the moment. Nonetheless, the upward movement of the RSI, notably above the signal line, points to potential further gains before the token reaches overbought territory, aligning with the optimistic projections for Solana’s price movement.