Solana has experienced a spectacular resurgence recently, climbing 172% this month and reaching $60 for the first time in one year. This begs whether SOL is due a cooling-off period or whether it has the legs to continue pushing to $100.
Solana’s Fundamentals are Driving Its Price, and Technical Indicators Are Bullish
According to analyst Pio, Solana’s monumental pump results from a price inefficiency where traders placed too much importance on Sam Bankman-Fried’s involvement with the project.
The analyst believes that the pump is merely a correction to Solana’s fair value. If accurate, this means that a pullback from its current price is unlikely, or at least it would be short-lived.
Pio also alludes that Solana will reach its $260 all-time high again, although the analyst does not provide a time scale for this target.
“You should be asking yourself: “Do I think that Solana will ever reach another all-time high again?” I know what my answer is to that question.” Said the analyst.
Moving to technical analysis, Solana’s price chart displays notably bullish signals.
Firstly, it has provided trend-reversal confirmation by creating a higher high on the weekly chart.
However, it has yet to retest its previous $48 resistance. While textbook price action analysis would indicate a pullback to this level before an uptrend continuation, its euphoric pump and significant fear of missing out (FOMO) give it the potential to keep pushing ahead.
If it keeps pushing, the first resistance level is $77, followed by $114. Therefore, provided it breaks above $77, we could see $100 reached quickly.
Zooming in on its 4-hour chart, SOL is forming a massively bullish green candle. If this candle closes higher than its previous close, SOL will likely experience another leg up.
Solana is also displaying increasing trading volume. This signals growing interest as the price increases, indicating a trend continuation.
That said, some traders are skeptical of Solana’s pump, noting the risk of retail investors’ euphoria. JACKIS states SOL will likely pull back soon, although the analyst is long-term bullish on Solana.
However, renowned analyst Rekt Capital forecasts the altcoin market can see an average 14% pump before a potential pullback. Given Solana’s relative strength, it could outperform other altcoins, climbing even higher.
Another project displaying bullish potential is TG Casino, a new presale that aims to revolutionize the crypto casino industry.
TG Casino GambleFi Token Also Bullish as ICO Nears $2m
TG Casino is an anonymous crypto casino launched on Telegram. This provides numerous advantages over other crypto casinos, like being much easier to start and increasing privacy and accessibility.
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The project also boasts a cutting-edge buyback mechanism that buys $TGC tokens from the open market with a portion of the casino’s revenue. It will allocate 60% to staking rewards and burn 40%, massively bolstering its supply and demand dynamics.
These advantages have led to its presale raising $1.8 million and being picked up by media outlets like Coinspeaker, Cointelegraph, Crypto News, and many more.
Investors can buy the presale for $0.155 but cannot wait around as its price will increase in four days.
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