Solana Approaching $25.50 Price Target
As the cryptocurrency market continues to rise, Solana (SOL) is making significant progress towards its psychological price target of $25.50. If the digital asset surpasses this level, there is a strong chance of a continued bullish move, according to crypto experts.
Crypto analyst Crypto Tony noted that Solana is nearing its next target at $25.50 and once it is hit, it can be considered as the second target achieved. This analysis was shared in a post on October 2.
While some may see this price target as ambitious, Solana reached an all-time high of nearly $260 on November 7, 2021, when Bitcoin was trading above $60,000.
Solana Price Analysis
Currently, Solana is priced at $24.11, showing a significant daily gain of 10.55%. Over the previous week, its value increased by 24.03%, and on the monthly chart, it grew by 23.33% as of October 2.
This recent surge has led Solana to break through the 200 exponential moving average (EMA), which is crucial considering the asset’s recent shorting activity. It’s possible that the upward movement is a result of a short squeeze.
Hot Take: Solana’s Potential for Continued Growth
Solana’s progress toward its $25.50 price target demonstrates its potential for continued growth in the cryptocurrency market. With its recent surge and break above the 200 EMA, Solana has shown strength and resilience against shorting pressures. While achieving its all-time high of nearly $260 may seem far off right now, it highlights the asset’s previous capabilities and future possibilities. Keep an eye on Solana as it continues to navigate the market and potentially reach new heights.
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