Solana’s (SOL) price continues its impressive run, now standing as the 5th largest cryptocurrency after overtaking XRP’s market cap. This comes despite recent regulatory scrutiny of crypto exchanges listing SOL. According to analyst @ShadyTheWizard, the key to SOL and altcoins continuing their uptrend is Bitcoin maintaining support above $44,200.
As long as Bitcoin shows strength above $44.2k, the analyst says “everything will continue to fly.” Solana’s price shows no signs of slowing its vertical climb, setting fresh higher highs over the last 3 months. Both RSI and MACD indicators suggest the bull run still has momentum.
If buying pressure persists, SOL could test resistance around $92.76 next. Clearing this level could open the door for Solana to challenge the psychological $100 mark, representing a 20% gain from current prices. More ambitious upside targets include the supply zone from $104.70-$136.90. However, SOL will need to print a weekly close above the midline at $120.83 to confirm this highly bullish continuation.
On the downside, failing to overcome immediate resistance at $92.76 could spark a pullback to $67.26. More significant support sits around $51.63. But losing this buyer zone would invalidate the bull case, with the risk of an 85% drop to $12.80 support. In summary, Solana’s outlook remains strongly bullish above key support levels, with the potential for 20%+ additional upside if Bitcoin cooperates.
