The first four months of the year have been a struggle for a host of markets in the United States. Chief among them was crypto, which really failed to generate any kind of momentum until this past week. Things changed for assets like Solana, which rode a market rally to a 56%, and SOL looks en route to a $200 price.
The crypto market got a massive boost with Bitcoin reaching a six-figure price for the first time since February. Yet, there are still some questions about whether or not the increase is sustainable amid so much geopolitical uncertainty still present. There is one clear fact: any crypto market rally is set to include a Solana token that may be among the most promising investments that the industry can offer.
Also Read: SOL Strategies Purchases 122,524 Solana (SOL) worth $20 Million
Solana Jumps 56% as Market Thrives: What’s Next for SOL?
On Thursday, the United States and the United Kingdom (UK) unveiled a major trade deal. The move gave markets a boost as it showed increased negotiations were taking place, easing geopolitical and macroeconomic concerns slightly. At the forefront of the impressive response was the crypto sector.
Bitcoin got immense attention for surging beyond the $101,000 level. However, one that should not be overlooked is Solana, which looks to be barreling toward a $200 price after riding the overall cryptocurrency market rally to a jump of more than 56% over the last 30 days, according to CoinMarketCap.
Also Read: CME Group to Officially Launch Solana (SOL) Futures
The asset entered the year as one of the most high-profile crypto investments on the market. Specifically, it was poised to take its rightful place alongside Bitcoin and Ethereum as a top crypto option. Now, it finds itself in a rather important position, with potential increases or decreases in its near-term future.
Solana is expected to continue surging. One analyst noted that if its momentum continues, it should see its next upside target emerge at a peak of $190. Indeed, that would align with the 0.382 Fibonacci retracement level. However, there are still some reasons to be concerned.
The report notes that there is significant space between Solana’s key moving averages and the relative strength index. These show that a sideways consolidation, or potential correction, could be in the cards. If that takes place, a $150 fall could be nearing. On the other hand, it could find itself well on its way to a $200 price.
