Solana Rallies 36%, SOL Bulls Target December 2021 Lows of $160

Solana Rallies 36%, SOL Bulls Target December 2021 Lows of $160

Solana is one of the top 10-performing assets. In the previous week of trading, SOL, is up double digits, adding 36 percent against the USDT. The coin is also outperforming the BTC and Eth during the same timeframe as prices breakout.

The bullish wave could find support from a technical perspective, but there are fundamental tailwinds behind the surge. Presently, the crypto market is recovering after deep corrections from 2021 peaks traced back to H2 2022. As crypto prices recover, SOL is one of the primary beneficiaries, buoyed by developing positive news.

Opera Supports Solana

Last week, Opera—a web browser and one of the first to integrate top cryptocurrencies—added SOL to its fold. By opening access to Solana and other supported proof-of-stake ecosystems, Opera said, it allows people to benefit from low transaction fees and deep, developing ecosystems.

At the same time, the move also considered the browser’s plan to be blockchain agnostic and their grand plans of onboarding millions of users in an “environmentally-conscious” manner.

According to Jorgen Arnesen, the EVP Mobile at Opera, the support of other blockchain systems accelerates crypto’s evolution from proof of concept to mass adoption.

“We’ve been sealing partnerships with the most popular and cutting edge blockchains and web3 domain name providers to accelerate crypto’s evolution from proof of concept towards mass adoption. Ultimately, Web3 is on its way to becoming a mainstream web technology, and users won’t need to know they’re interacting with it.”

Solana Price Analysis

Solana Price Analysis

The Solana price is in a bullish breakout pattern above the descending wedge and February 2022 highs as per formation in the daily chart. Technically, SOL is bullish, outperforming the USDT and adding an impressive 36 percent in the last trading week.

As per the candlestick arrangement in the daily chart, traders may look to add their longs on dips above February highs at $120. A comprehensive confirmation of April 3 gains and extension of gains above last week’s highs at around $145 may quickly draw more buyers, a basis for another strong leg up towards $160—which is December 2021 lows.

The preview is valid at spot rates. Notably, buyers are squarely in charge, and SOL bull bars are banding along the upper BB. Besides, SOL prices are volatile since the upper and middle BB remains divergent. In a firm uptrend and volatile SOL prices, traders may find an opportunity to initiate longs inside last week’s trend and above $120—the immediate support level.

Technical charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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