Despite various bearish predictions over the last three weeks, Solana (SOL) has remained quite resilient. The coin has lost and regained important support zones and now it seems like it is finally ready to rise again. But how feasible is the $100 mark? More details to follow but these are the facts you need to keep in mind:
Solana is looking to test overhead resistance of $90.
A close above that price will push the altcoin higher than $100 in the near term.
At press time, Solana was trading at $85, down around 4% in 24-hour trading.
Solana (SOL) – how fast can it hit $100?
Solana (SOL) has shown some impressive resilience. Although the analysis in recent weeks was very bearish, SOL bulls have come out strong. As a result, the altcoin has regained several key support zones in the last week or so.
The biggest challenge now will be to find enough momentum to push through $90. If bulls do this, then the coin will surge above $100 in the near term. At the time of writing, SOL was trading at $85.
Despite this, in previous sessions, the zone between $90 and $95 has proved to be a crucial supply area. Every time SOL has managed to hit this threshold, it has repeatedly pulled back. But this time around, it is likely that bulls will convert $90 – $95 into a short-term demand zone to support the rally above $100.
What is the long term outlook of Solana (SOL)
Recent headwinds in the crypto market have made a lot of coins weaker. Solana in particular has fallen from its 2021 highs of nearly $200.
But this does not change the long-term outlook of this altcoin. SOL is still destined for great success and is one of the “blue chip” crypto tokens you can buy.