Solana Price: Analyst Reveals New Target As Crypto Market Rally Tapers

The global crypto market rally begins to cool down Solana price maintained its price above the $160 level. This is indicative of investor interest which has not yet faded.

However, the gains in some of the top altcoins appear to have muted today, after a robust week, suggesting that the investors are taking a pause.

Solana price has also lost some of its recent gains, but analysts remain optimistic on the asset. Notably, many have deemed the current pullback a healthy movement in the bull market.

For context, when an asset records strong gains, it allows many investors to exit the market to book profits.

So, it may sometimes cause a short-term pressure on the asset, which explains the current pullback in SOL price.

Solana Price Slips Despite Broader Crypto Market Rally

Solana price has recorded a slump of over 0.17% today, but maintained its brief $162 support. During writing, the SOL price exchanged hands at $162.17, with its one-day trading volume falling 37% to $3.6 billion.

However, despite the slump in its value, SOL Futures Open Interest rose more than 3%, CoinGlass data showed.

This indicates that the market interest towards the asset remained strong, despite a short-term pullback in its value.

Simultaneously, the Relative Strength Index or RSI of the asset stayed at 59, indicating that the asset is currently in a neutral state.

Having said that, many analyst anticipates a potential upside for the crypto in the near future.

Meanwhile, it’s worth noting that the slump comes despite the broader crypto market staying in the green today. During writing, the global crypto market cap rose around 0.45% to $3.68 trillion.

Among the top ten cryptocurrencies, it was a mixed bag with some trading in red and a few others trading in the green.

Bitcoin price slipped marginally to around $117,899, while ETH price was down around 0.45% to $2,953.

What Lies Ahead for SOL Price? Experts Weigh In

Despite the Solana price’s recent loss, it has recorded a surge of over 9% in the weekly chart.

Besides, it has also added around 2.5% over the last 30 days, indicating strong confidence among market participants.

However, as investors evaluate the potential future movements of the coin, analysts have shared insights on its potential future movement.

Notably, most market pundits have remained bullish despite acknowledging short-term challenges in the asset.

Meanwhile, despite the current uncertainty, prominent analyst Ali Martinez remains bullish on the Solana price. In a recent X post, Martinez has predicted a potential 17% move for the SOL price.

According to Martinez, a close above $158 could send the SOL price to $185. Notably, he shared the prediction when the crypto was trading around $156.

Bears May Dominate in The Short-Term

A renowned analyst, The Alchemist Trader, shares a similar bullish sentiment on TradingView. Notably, he has cited a potential formation of a rare bullish harmonic pattern.

The expert noted that this pattern suggests a possible sweep of the $95 low before a reversal targets the $200 region.

The analyst notes that critical resistance levels will play a key role in determining SOL’s short-term trajectory.

He noted that the harmonic pattern, if confirmed, could lead to a powerful bullish reversal.

However, Solana’s price action is currently testing the point of control, battling resistance layers that may trigger the next corrective leg in the pattern.

A potential low of $95 could complete the C-leg of the harmonic pattern before launching a move toward the $200+ zone.

The analyst highlights key technical points, including the point of control battle, resistance at the value area high + 0.618 Fib, and C-leg completion around $95.

If Solana fails to break through the resistance cluster with conviction, it may lead to a C-leg rejection within the emerging bullish harmonic pattern.

In other words, it could potentially send the Solana price back down to $95.

However, despite the short-term bearish sentiment, the analyst is optimistic over a potential run to over $200 for the asset.

The post Solana Price: Analyst Reveals New Target As Crypto Market Rally Tapers appeared first on The Coin Republic.