Solana (SOL) is on the way to its positive price trajectory and is eyeing an increase in its value against the overall market. The crypto market has turned bearish because Bitcoin and major altcoins have started a downward momentum. But experts are predicting a bullish reversal for SOL. If a successful breakout occurs, then it will lead to a maximum profit zone around $300.
At the time of writing, SOL is trading at $204.11 with a 24-hour trading volume of $8.95 billion and a market capitalization of $110.29 billion. The SOL price over the last 24 hours is up by 2.66%, and over the last week, it is also up by 7.95% and showing high potential for the next major rally.
Solana shows strength as bulls eye $300
Moreover, the crypto analyst highlighted that Solana’s native token, $SOL, has registered a breakout after a most fleeting dip that shook the weak hands initially. The token has retaken a significant support area and has indicated fresh bullish impetus as the traders and long-term investors look at the larger price levels.
From the analysis of on-chain order books, liquidity heatmaps are showing tight, firm bids crowded immediately below the current price area, indicating an area of huge buyer demand. The inherent demand not only supports the price bottom for Solana but also enhances the bulls’ confidence prior to the next leg up.
With momentum back, technical analysts are eyeing a string of upside targets: $210, $240, and ultimately $300, levels that will come into play in the weeks ahead if the buying pressure holds up. All are psychological turning points for Solana, in addition to technical levels where traders will consider taking profits or rebalancing positions.
Market sentiment implies that a dip from here would provide a golden buying opportunity instead of weakness. Solana has in the past compensated persistent dip buyers in bull cycles, and the current price action looks to be establishing the same pattern.
