Solana (SOL) has had quite the bull run in recent weeks. Having recently tanked to around $60, the altcoin is on the rise and it looks like the momentum is not going to stop. Here’s what we know so far:
Solana has surged above $100 for the first time in weeks
The bull run has passed over several key resistance zones.
The currency is likely to hit USD 130 in the near term.
Data source: Tradingview
Solana (SOL) – How will the momentum play out?
The broader crypto market is doing quite well at the end of March. But altcoins like SOL have seen more gains. The coins have also had a brutal start to the year. While we have seen rallies here and there, the overall trend for SOL and other altcoins has been very bearish.
But SOL seems to have reversed that trend. After bottoming out to around $60, it looks like bulls have now taken over. Also, SOL has broken past several key overhead resistance zones, including the $95.
The goal for bulls now is to get the coin above $105. If this happens, it is likely that SOL will continue to rise before finally settling at around $130. However, this statement will be invalidated if bulls cannot keep the price action above $95.
Why is Solana (SOL) a good buy?
Solana (SOL) is still one of the most popular crypto assets in the world. It is touted as the Ethereum killer thanks to its faster transaction speeds and low gas costs. The recent dip actually gave investors an opportunity to buy cheap.
But overall, Solana is expected to break somewhere well above $200 this year and finish even higher by the time we enter 2023. Owning SOL is highly recommended for any investor.