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Sunday, May 29, 2022

Solana Price Moving Towards $275

The price technicals of SOL suggest that Solana will be able to hit a sum of $275 in the coming sessions. The upside to this for the sixth-largest cryptocurrency in the world comes up as it will now consolidate itself in a range that appears to be a bull pennant.

For the uninformed, Bull Pennants are simply indicators of a bullish continuation that are created as the price consolidates inside a structure that distinctly looks like a symmetrical triangle after following quite a strong upside move. The trend of consolidation would accompany most of the declining volumes, which would- in turn- reflect on the underlying weakness of the trend. 

Solana/BTC pair also gains despite Bitcoin at $60K 

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Solana’s flagpole height has been set at $125. With that being said, a breakout move at the apex of the pennant would definitely put the cryptocurrency en route to $275. The prospects of SOL hitting $275 comes amid a price boom across the market of crypto.

However, the price of SOL also went on to rally by 8% against BTC in the last couple of days, partly due to it being listed on Upbit- the top exchange for cryptocurrency in South Korea. On the whole, Solana has had one of the best performing altcoins in the current year, with its profit coming to about 8,500%. The cryptocurrency also traded at a high of $216 in early September. 

Now, despite the limelight shining on Bitcoin, the price of Solana would definitely receive a boost from the institutional capital via dedicated investment funds- as stated by a report from CoinShares which was published the week before. The crypto base also noted that the digital asset investment products saw inflows from 500 totaling a sum of US$226 million – which would bring in about an 8 week run of inflows to US$638 million. 

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One can safely assume that the entire focus hasn’t been on Bitcoin, as recent favorites like Solana and Cardano have also been seeing multiple inflows. 

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