Solana’s bullish bias dominates as it heads towards $200
Arslan Butt • 2 min read
SOL has been making the headlines in recent weeks, thanks to the increase in Solana’s popularity among decentralized finance (DeFi) developers. Since the beginning of 2021, the SOL currency has been on the rise, with a modest retracement in September, after it reached an all-time high of $214.96.
The decline came to a halt around the end of September, and the coin is predicted to break past the all-time high well before the end of the year, a fact that has piqued the interest of many crypto investors.
Solana (SOL) buyers are back in play, and they appear to be set to reduce the gap to $2,000. The competitive smart contracts token recovered some lost ground last week, almost reaching $170 before falling back to $145. While this move disappointed and scared investors, the bulls never gave up faith in the coin, and they remained focused on the near-term target of $200.
Solana to follow in Bitcoin’s footsteps
Bitcoin (BTC) fell by over $2,400 this morning, after reaching an all-time high of $67,000 yesterday night, according to data from several sources. The all-time high was achieved as a result of the launch of a futures exchange-traded fund (ETF) on Tuesday, which saw over $500 million in Bitcoin exposure on the first day of trading. However, traders intervened this morning to take profits on their gains, bringing Bitcoin down by hundreds of dollars.
When Bitcoin (BTC) reached a fresh all-time high (ATH) above $67,000, PayPal co-founder and billionaire venture capitalist Peter Thiel admitted that he should have purchased more Bitcoin. According to Bloomberg, Thiel discussed cryptocurrencies, central banks and artificial intelligence (AI) during an interview with policy think tank Lincoln Network in Miami on October 20.
Solana’s bullish bias dominates, as it heads towards $200
At the time of writing, Solana was trading at $182. This came after a spectacular takeoff from the $145 support. The 50-day Simple Moving Average (SMA) has become a tremendous support for SOL, ensuring that the token does not drop significantly, thereby impeding recovery.
As per the Moving Average Convergence Divergence (MACD) indicator, the least resistance trend is currently rising. The prospects of another rally have increased, as the 12-day EMA has crossed over the 26-day EMA. With the MACD rising above the mean line, Solana is projected to maintain its rise to $200.