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Solana has shown some strong signs of recovery over the last 7 days. After seeing sharp sell-offs for most parts of May, the coin has managed to regain several support zones. It also looks like SOL has enough momentum to keep pushing further ahead.
SOL has crucially surged past the important $44.15 support zone
The coin is now above $50 for the first time in two weeks
Sustained consolidation at $50 could trigger a run towards $80 in the near term
Data Source: TradingView
Solana (SOL) – recovery and price consolidation
Solana had failed to rally for most of May. The altcoin in fact saw one of its worse sell-offs this month. However, there is some recovery. In fact, SOL has steadily gained ground and is now converting previous resistance zones into strong support. But more importantly, SOL has now etched above $50.
This provides the perfect buy zone for bulls, something that could easily push SOL up by 50% in the coming week. Despite this, the coin is still way behind projections for 2022. SOL has also lost at least 85% from its ATH of $261.
Projections for 2022 estimated that SOL would likely hit $2000 by year’s end. But slowing sentiment in crypto and increasing market volatility have made it hard for the altcoin to post any decent upward momentum. We do not expect this to change soon. Although a 50% rally towards $80 is possible, it will take months for SOL to break above $150 once more.
How to profit from this SOL rally
Right now, SOL is slightly hovering above $50. Give it 24 hours and if the price action is still above fifty bucks, consider buying.
In a few days, the altcoin will likely break out. If you don’t want to hold it for the long haul, you can cash out at $70 to avoid any major upside risk.
The post Solana (SOL) could surge by 50% in a quick relief rally appeared first on Coin Journal