Solana (SOL) Can Soar by 40% But Under This Critical Condition (Analyst)

TL;DR

• Solana (SOL) saw wild price swings, with one analyst eyeing a possible rally to $147 if it pumps above a certain level.

• Others predict a potential slump to as low as $80 but view this as a buying opportunity.

Can the Bulls Erase Some of the Losses?

The cryptocurrency market turbulence observed in the past few days had a huge impact on Solana (SOL), whose price was on a rollercoaster. On April 7, it crashed below $100 for the first time since February 2024. The following day, SOL briefly surpassed $110 before retracing to the current $107 (per CoinGecko’s data).

The renowned analyst Ali Martinez recently raised the bulls’ hopes that a resurgence could be on the way. He estimated that the TD Sequential indicator flashed the buy signal on Solana’s weekly chart. In his view, staying above $95 and rising beyond $121 could set the stage for a pump towards $147 (a nearly 40% increase from the current valuation). 

It is worth mentioning that Martinez was less optimistic just days ago when SOL’s price was in a state of a freefall. He predicted the dive under $114 could lead to a massive slump to as low as $60. 

The user Ted Pillows chipped in, too. He noted that SOL briefly bounced from the multi-year support trendline of around $110. He argued that the last time the price retested this level was in Q3, 2023, and in the following months, it skyrocketed by 1,000%. “Will something similar happen again?” he questioned.

Ready to Stack at This Level

Another popular market observer who touched upon Solana’s price dynamics is the X user Alex RTB. They believe the asset may plummet to $80 before experiencing a pump. However, the analyst seems unfazed by the potential pullback, preparing to enter the ecosystem as an investor at these levels. 

“$20 – $25 don’t matter much for long term but if we are looking for safest entry, its coming. Prove me wrong if you can,” they concluded.

Earlier this week, Crypto_Jobs suggested that SOL could find a “key bottom level” even lower:

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“Zooming on my monthly and weekly view, I can tell you with some confidence that the magnet & key bottom level will be around $68 – $70.”