Solana is up nearly 33% over the past month, following the broader market resurgence since August 19.
It is currently trading just below the psychological $100 mark, and several market observers are expecting another rally soon. Others are more cautious, seeing a double-digit correction risk.
The ascending scenario
User X Ash Crypto recently claimed that SOL is displaying “one of the most bullish setups in crypto right now,” highlighting three major signals that have all swung in favor of the bulls. According to the analyst, these include the first green monthly candle in 10 months, the monthly MACD, which is on the verge of a bullish crossover, and the monthly RSI, which finally broke a two-year downtrend.
The Black Bull and Gerla also contributed. describe SOL as “a $500 token traded at $100”, while the latter believes the asset has completed its manipulation phase and could now prepare for a rise towards $500 and then $1,000.
Whale activity and strong institutional interest reinforce the positive scenario. A few days ago, the Lookonchain analysis platform revealed that large investors known as HURDw have purchased nearly $30 million worth of SOL over the past three weeks. For his part, user X Ted disclosed that a whale raised $9 million in Solana, believing that the smart money was focused on altcoins.
Spot SOL ETFs have been showing mostly green candles lately, signaling a growing appetite for the asset from hedge funds, pension funds and other conservative investors. This forces the issuers of these products (Bitwise, Fidelity, Grayscale, VanEck, Franklin Templeton and other financial giants) to purchase Solana tokens, potentially paving the way for further price increases.
Additionally, SOL’s Relative Strength Index (RSI) has dipped below 30, indicating that the asset has entered oversold territory and may be preparing for a move higher. The ratio ranges from 0 to 100, where a rise above 70 is interpreted as bearish.
A major plunge coming?
Users X BATMAN and Crypto with Haris ₿ are among the pessimists. The old think SOL appears to be weakening, adding that the Stochastic oscillator is also forming a bearish divergence.
Crypto with Haris ₿ revealed that its trades are currently resulting in an unrealized loss of over $180,000, but refused to close the positions, anticipating a BTC crash to $62,000 and a SOL plunge to $80.
The article Best Solana Price Predictions as SOL Bulls Fight to Hold the $100 Line appeared first on CryptoPotato.