Solana, (SOL), seems to be recovering after the recent bloodbath in the market. It is following the trend of the broader market. SOL is up 6.7% over the last 24 hour and 5.1% on the charts of the next 14 days. SOL continues to shine red on the weekly charts and monthly charts. The asset has fallen by 4,3% and 10,3% respectively.
Also Read: Solana: $1000 Monthly in SOL Since 2020 Worth $1.4 Million Today
Market reversal indicates that traders have overcame their fear of the Mt. The German government has been selling massive amounts of BTC and is reimbursing Mt. BTC ETFs are also seeing a resurgence in their flows.
Solana mirroring 2021 pattern
Ali Martinez is a well-known cryptocurrency analyst who took to X in order to inform his audience that SOL has mirrored its price patterns from 2021. The analyst also notes that the asset’s RSI index (relative strengths index) is very similar to 2021. Last time, when this pattern appeared, the cryptomarket exploded in a rally with many assets reaching new highs. We may see a rally in the market very soon, as the crypto market is showing signs of recovery from its recent drop.
Also Read: Solana ETF Final Deadline Set For Mid-March 2025
CoinCodex Analysts expect Solana’s price to remain at the current level for the next several weeks. SOL is expected to reach $158.48 before the month’s end, representing an 11.2% increase from its current level.
Changelly The platform doesn’t think SOL will surpass $150 this month. SOL will reach its peak in 2024 at $147.26, as predicted by the platform.
A rally could be sparked by the Ethereum ETF, which will launch later in this month. BTC ETF’s debut earlier this year triggered a massive influx of money into the crypto market. Ethereum ETF could show similar trends.
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Source: watcher.guru
