Over the weekend, the crypto market has displayed a sideways trend, with top cryptocurrencies recording minor price changes. Bitcoin price falls below the $37,000 mark, with the price of Ethereum hovering close to its important level of $2,000.
Overall, the market has witnessed a strong uptrend this month, as many tokens have added significant value to their portfolios.
Solana price has displayed a notable run as this controversial token has gained nearly 50% in value within the past week, making it one of the week’s top gainers. Further, the price continues to record a strong bullish price action, suggesting a possibility of another price jump soon.
Altcoin Sherpa’s Solana Price Analysis:
Altcoin Sherpa, a well-known crypto analyst with substantial followers of over 198K on the “X” platform, has recently posted about the possible targets for the Solana price for this year.
During the bullish run, the SOL price successfully broke out of its key resistance level of $47.40, resulting in the token experiencing a surge in its price. The next major resistance level is set at $77.65.
Following the price pump, the token has traded in a closed range for the past two days. Altcoin Sherpa assumes this consolidated range to be healthy, as such ranges indicate a bullish trend in the market.
The indicators show that the SOL price constantly rises in its charts. Moreover, the averages sharply rise, indicating a bullpower in the market.
Further, the analyst claims this to be a good time to buy as the SOL price is expected to reach a high of $75 in the coming weeks.