Rally

bullish

Solana

when

The fourth largest crypto Solana (<a href="https://yellow.com/asset/sol">SOL</a>) is facing a bullish run which is <a href="https://coinpedia.org/price-analysis/solana-preparing-for-a-60-move-this-month-can-the-bulls-push-the-sol-price-post-350/">trying to push</a> it above the $350 mark, as it looms inches away from its all-time high of $260 at $257.66 as of Thursday, November 21. This is happening due to the ongoing bullish trend in the crypto market which has made Bitcoin (<a href="https://yellow.com/asset/btc">BTC</a>) hit the $98000 mark. 
Solana has been gaining ever since it recovered from the $156 low point earlier in November when Donald Trump won the US election. It has maintained a steady upward trend like Bitcoin and now that BTC is rallying towards the $100K milestone pulled by stablecoin inflow, SOL is likely to be in the discovery phase. 
The altcoin is expected to cross its ATH of $260 soon and when that happens it will trigger a steep upward curve causing it to surge more than 50%. Earlier Solana witnessed a price consolidation around the $240 level after which it experienced a strong upward movement. Despite a tough fight from the bears, the buying pressure continued, leading to a further surge. However, the SOL price gain hasn’t been validated by an ascending trend extension yet and when that happens it would easily sustain above the $250 mark, making new highs more feasible. 
Earlier, the altcoin was seen trading within a bull flag but the latest spike in value has pushed it above the resistance level. This might cause the bulls to launch an attack causing SOL to rally to the $330 mark where the 1.2 Fibonacci level lies. However, crossing the $300 level won’t be easy as Solana’s RSI is displaying a bearish divergence, as it hit the upper threshold. The MACD also shows a probable bullish run due to the rise in the buying pressure 
At present, the market isn’t that much into Solana as the whales and bulls are focussing on the Bitcoin price rally as it is very close to the $100,000 milestone. This is triggering an upswing in the dominance and once BTC hits the peak, the altcoin season might start. That’s when the SOL price might rally to go beyond $350 as we near the year-end. 
At the time of writing on November 21, Solana was up 10.11% in the last 24 hours to trade at $257 while its trading volume rose by 49.13% to reach $10.13 billion and its market cap touched $121.91 billion. Meanwhile, Bitcoin was trading at $97339, up 3.40% in the last 24 hours with a 25.70% and a 3.24% gain in trading volume and market capitalisation,capitalization which were at $98.93 billion and $1.92 trillion respectively.

Solana Aims for $350 As Bitcoin’s $100K Price Rally Could Trigger Altcoin Season

Yellow News

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