Is Solana on Track for a New Rally ?
Technical data and trends in the Solana (SOL) futures market point to a potential 180% increase to reach $300, if the current momentum persists. Investors will closely monitor the key level of $180 to confirm a possible bullish movement.
The weekly charts of Solana show encouraging technical signals, suggesting that the altcoin could experience a new major rally in the coming months. Indeed, SOL’s price has managed to stay above the 50-day exponential moving average (EMA), a historically favorable level for significant price increases.
Furthermore, the Relative Strength Index (RSI) is currently at 58.60, indicating recent buyer weakness. By using the Fibonacci Bollinger Band (FBB), SOL has a price target of $300, representing a potential 70% increase from current levels. However, breaking and maintaining the FBB’s median resistance at $188 will be crucial.
In the 12H timeframe, SOL’s FBB is tightening and may indicate a strong move to $200 in the coming days if the market remains bullish.
Upside Potential and Risks to Watch
Some technical elements suggest even greater upside potential for Solana. Once SOL’s price enters a price discovery phase, the bullish momentum could target the 1.618 Fibonacci extension, suggesting a possible valuation of up to $418. Or even beyond $1000, according to the most optimistic scenarios.
However, traders need to watch for maintaining the 50-week moving average at $174. Failure at this level could lead SOL to retrace towards support around $157.
Moreover, robust activity in the Solana futures market, with an open interest of $7.5 billion, could indicate significant upcoming volatility. Negative funding rates observed on exchanges also reflect a bearish bias, paving the way for a potential bullish “short squeeze.”
In conclusion, Solana investors should carefully monitor the breakthrough of the $180 (200-day MA) and $188 levels in the coming weeks. A decisive breakthrough of this key level could confirm the continuation of the bullish trend towards $300 and beyond. However, a rejection at this stage could also lead to a healthy correction towards the $150-160 zone.
How to Buy SOL on Bitget ?
To take advantage of the imminent rise, follow these simple steps to buy Solana (SOL) on Bitget securely:
- Create a Bitget account
Sign up on Bitget or via the mobile app (available on Google Play or the App Store). Verify your identity (KYC) by providing an ID and a selfie for a smooth experience. - Deposit Funds
Go to the “Buy Cryptos” section > “Third-party Provider”. Select a fiat currency (EUR, USD, etc.) and use a payment method such as a bank card, Google Pay, Apple Pay, SEPA, or others (via Alchemy Pay, Banxa, Mercuryo, Simplex). - Buy SOL
Choose “Solana (SOL)” in the “Buy Cryptos” section, enter the desired amount, then confirm the transaction. Your SOL will be instantly credited to your Bitget Spot account.
