Solana (SOL) Price Prediction: Analyst Forecasts SOL Steady Climb to $175

According to crypto analyst Altcoin Sherpa, Solana's price action shows strong upward propulsion. The expert predicts a further upward trend for SOL, eyeing the next price target at $175.

Solana (CRYPTO: SOL) price action on Monday showed strong upward propulsion, prompting a crypto analyst to predict a further uptrend for SOL, eyeing the next price target at $175.

What Happened: Pseudonymous crypto analyst Altcoin Sherpa shared his analysis on X, accompanied by a detailed price chart. The analyst expressed a positive outlook on SOL’s performance, anticipating a continued upward trajectory. His optimism stems from SOL’s recent price action and technical indicators.

$SOL: Everything is still dandy with SOL and I expect it to continue grinding up.

$175 seems like the next interesting level but don't expect this one to put in any 20% candles or anything like that as of now.

Just a slow steady grind pic.twitter.com/wwAwTdb53l

Solana (SOL) Price Analysis:

SOL’s price has been steadily climbing as it trades around $160. This places it above the 50-day Exponential Moving Average (EMA) of $140.66. SOL faced immediate resistance near the 100-day EMA at $155.44, which has already been breached.

The crypto’s volume has been increasing, indicating growing market interest. This surge in trading activity often supports price momentum. Moreover, SOL has maintained a strong support level around $120, providing a safety net for potential pullbacks.

SOL Price Forecast:

Altcoin Sherpa identifies $175 as the next key level for SOL. This target aligns with previous crucial prices and sits below the 200-day EMA at $179.14. Breaking above these levels could further strengthen SOL’s bullish trend.

The analyst cautions against expecting dramatic price movements. “Don’t expect this one to put in any 20% candles or anything like that as of now,” he noted. Instead, Sherpa anticipates a “slow steady grind” upward for SOL.

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Market Sentiment, Outlook: The overall market sentiment for SOL appears positive. Its position above key moving averages and increasing trading volume support this bullish outlook.

Altcoin Sherpa’s analysis suggests a measured optimism for SOL. While the crypto shows promise, the path to $175 may require patience.

Solana’s recent performance has interested analysts like Altcoin Sherpa. With a target of $175 in sight, SOL’s steady climb reflects growing confidence in the asset.

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