As the cryptocurrency market continues to approach the green zone, Solana (SOL) is no exception, pushing further towards the psychological price target of $25.50, from where, if the digital asset surpasses it, there is a high chance of continuing the bullish move, as noted some cryptocurrency experts.
Specifically, as pseudonymous crypto market analyst Crypto Tony noted, Solana is quickly approaching its next target of $25.50, and “we can then mark that as the second target once it’s reached,” according to analysis he shared in an X post on October 2.
Analysis of the prices of Solana. Source: Crypto Tony
Once Solana is likely to exceed this critical price target, the expert said he will “then assess whether the bulls can take it to the next level and reach those highs” (around $30 as of mid-July).
Is $100 possible?
Earlier on October 1st, Crypto Tony shared his rather enthusiastic price target for Solana, which saw the seventh largest digital asset by market cap reach $100 “next week”, although some of his followers disagreed with that prediction.
However, as others have pointed out, such a price target for Solana is far from impossible since, at its all-time high (ATH) on November 7, 2021, the digital asset was changing hands at nearly $260 – at the same time that Bitcoin (BTC) traded above $60,000.
Analysis of the prices of Solana
Meanwhile, Solana was trading at $24.11 at press time, representing a significant daily gain of 10.55%, with its value up 24.03% over the previous week and up 23.33% on the monthly chart, according to latest information retrieved on October 2.
Solana 7-day price chart. Source: Finbold
Indeed, with its recent pump, Solana has broken the 200 exponential moving average (EMA), which is particularly important given that the asset has recently gone through a major decline, and the move up could be the effect of a short squeeze.
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