Solana, (SOL), has risen more than 5% during the last 24-hours, reversing a trend that had been going on for this asset. Bitcoin Halving event Could spark a rise to $175. In fact, its current position at $146 puts the asset into a crucial zone for bulls in order to push it higher.
Solana and the entire digital asset industry have been suffering for the past thirty days. The timeframe is down 19%. CoinMarketCap. There is still hope, however, that the rally’s optimal timing could lead to a price surge in the near future.
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Solana could set up a price rally after halving
In the last two months, Solana has become increasingly exciting. The Solana network was at the forefront of the March meme coin rally but had many blockchain problems. Users reported 75% failures in transactions that were addressed by the April 15th network update.
The native token on the blockchain was struggling to maintain its value during the network problems mentioned above. But that seems to be changing. Solana has risen more than 5 percent in the last day, which may prepare the cryptocurrency for an increase to $175 once Bitcoin is halved.
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Between $125 and $150, the asset was facing a Fibonacci critical support. Subsequently it has been maintained above which led to the formation of bullish sentiment. Its ability to stay above the Golden Ration Support at $125 will be critical to its ascent to $175.
The current value of $156 is the next Important obstacle for asset. The 50-day EMA is a significant resistance level. BeInCrypto. The chart has a cross-death formation on the 4 hour time frame, an indication that there could be a possible bearish mood.
Now, all eyes are on how Bitcoin’s price will react to this impending Bitcoin Halving Event. Expectations are mixed. Many people are expecting prices to drop when this event occurs. SOL could finally break through the correction that has been ongoing since April.
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Source: watcher.guru
