Solana’s price recovered dramatically just a day after the various economic markets experienced a bloodbath in terms of losses. According to CoinMarketCap data, the token emerged as one of the top gainers for the day.
At press time, the coin was trading at $153.56, up 10.09% from the same time last day.
Solana price recovery in tandem with broader market
After suffering severe losses over the weekend and early yesterday morning, these digital assets, as well as significant stock indices like the S&P 500 and Dow Jones Industrial Average, recovered today.
Several analysts explained that markets just got oversold and then went through a normal recovery to explain these most recent changes in Solana’s price.
However, an interesting point to note is that SOL has outpaced popular assets like Bitcoin (BTC), Ethereum (ETH), and BNB (BNB) in terms of price performance thanks to its enormous price explosion.
According to coinmarketcap, SOL has witnessed a price increase of more than 15%, while BTC, ETH, and BNB have only seen price increases of 7%, 4.5%, and 7.5%, respectively, over the past day.
Solana price poised for more gains, but investors still cautious
With SOL trading above the 200 Exponential Moving Average (EMA) and a recent breaking of a critical resistance level of $145, the overall market momentum for the token appears positive.
After this breakout, Solana is likely to rise another 10% to $161. If investor interest and market mood stay favorable, SOL might surge above $185, its next resistance level.
Most market participants have a price projection for SOL at the end of 2024 and 2025 that indicates objectives of $252 and $380, respectively. However, investors are still cautious about trading the token as some parameters suggest that Solana might undergo a small correction.
It is anticipated that the price will somewhat decline by the end of the year, which will likely indicate a buy-the-dip opportunity.
Solana’s price will jeopardize the entire long-term bullish structure if it does not soon find this bottom. The scenario might see the price drop to less than $100. However, on the other hand, bullish momentum is likely to stay for the rest of the trading year.
