Solana has shown some strong signs of recovery in the last 7 days. After witnessing a sharp sell-off for most of May, the coin has managed to reclaim several support areas. It also looks like SoL has enough momentum to move forward.
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SOL has moved above the crucial support area of $44.15
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Coin is now above $50 for the first time in two weeks
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Continued consolidation at $50 could move towards $80 in the near term
Data Source: TradingView
Solana (SOL) – Recovery and Price Consolidation
Solana had failed to rally for much of May. In fact the altcoin saw its worst sell-off this month. However, some recovery is taking place. In fact, SOL has gained ground rapidly and is now converting previous resistance areas into strong support. But more importantly, the SOL is now above $50.
This provides a perfect buy zone for the bulls, which could easily push the SOL up to 50% in the coming weeks. Despite this, the coin is still well behind the 2022 estimates. SOL has also lost at least 85% from its ATH of $261.
Projections for 2022 project that SOL will reach $2000 by the end of the year. But the bearish sentiment in crypto and the increasing volatility of the market make it difficult for the altcoin to post any good upward momentum. We don’t expect this to change anytime soon. Although 50% rally towards $80 is possible, it will take months for SOL to break above $150 again.
How to profit from this SOL rally
Right now, SOL is hovering slightly above $50. Give it 24 hours and if the price action is still above Rs 50, consider buying.
In a few days, the altcoin is likely to break out. If you don’t want to hold it for long, you can cash out at $70 to avoid any major upside risk.