With the approval of the Bitcoin Spot ETF approaching, the crypto market is highly bullish and widely welcomes any positive news. Recently, the CEO of ARK Invest, Cathie Wood, boasted of the speed and efficiency of the Solana blockchain, driving the SOL price higher.
Cathie highlighted that Ethereum, the biggest altcoin, came as a cheaper and faster alternative to the dominant Bitcoin. However, in recent times, the Solana blockchain has come as a better alternative and may soon replace Ethereum. With such bullsih views, the Solana price prediction teases a bull run in SOL prices.
Source – TradingView
Following the channel breakout and the parabolic recovery trend in the SOL price, the buyers are lining up to fuel the uptrend. Crossing above the $50 mark, Solana price continues the high speed breakout rally with a surge in trading volume.
Source – Tradingview
Moreover, the bullish turnaround marks a long-term trend reversal in Solana prices, which is evident in the 1W chart. With dominant bullish candles accounting for a 200% jump in the last five weeks, marks a huge increase in underlying demand.
Further, the SOL price action denotes a rounding bottom breakout in the weekly chart with a neckline at $60. Therefore, the probability of the SOL price reaching the psychological mark of $100 has increased significantly.
Currently, the SOL price trades at $64.80, with increased trading volumes over the weeks supporting the sharp hike.
Technical Indicators:
RSI: The daily RSI has entered the overbought territory and continues to maintain a positive trend, indicating a strong bullish trend.
Will the SOL Price Cross $100?
As the market recovery gains momentum and the altcoins are experiencing burning demand, the chances of the SOL price crossing the $100 mark are improving. Moreover, the recent praise from Cathie Wood boosted the market sentiment around Solana and increased the uptrend possibility to $100.
Considering the buyers’ manage to sustain trend momentum, the bullish rally can surpass the $75 mark to test $100.
Conversely, a downside reversal under the $60 mark can drop the prices to $50.
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