The crypto market looks good today, with the most essential coins trading in the green. Check out the latest reports about an Ethereum rival that seems ready to explode.
Solana price prediciton is bullish
The host of popular crypto YouTube channel InvestAnswers recently explained the fact that a historical indicator is suggesting that one Ethereum (ETH) challenger is ready to turn heads.
In a new video, he said that he’s bullish on Solana but that SOL faces considerable resistance at the $150 mark.
“We are about to touch the 200-day moving average. We do expect, after such a huge run, a little bit of what I call a breather, which is normal. And the 200-day moving average also coincidentally is at the Fibonacci 0.5 level, which is about $150. Getting above $150 may take a little bit of effort but the strength has been mind-blowing over the last 18 days.”
The analyst also made sure to share a chart from Delphi Digital depicting a divergence between the price of SOL and its rising relative strength index (RSI).
Just in case you don’t know, this is generally considered bullish by technical analysts as the signal suggests increasing buy-side momentum.
He says that if history is any indication, SOL could be in for some serious price boost.
“Here, you can see they put together a chart that focuses on two things… The RSI divergence on Solana is at a very interesting opposite observation they painted here. You can see the red boxes at the bottom of the RSI. When the RSI goes above 70, it’s a very bullish time, because historically, Solana has gone bonkers when that happens.”
There are all kinds of bullish predicitons about digital assets these days, despite the market volatility. At the moment of writing this article, SOL is trading in the red and the coin is priced at $136.20.
