Solana

Status

Coin

A crypto analyst has <a href="https://x.com/honey_xbt/status/1810680709679390842?s=46" rel="nofollow" target="_blank">declared</a> Solana to be one of the best coins, highlighting the cryptocurrency’s previous price movements, which are marked by upsides and its potential for a <a href="https://www.newsbtc.com/news/solana/solana-mirroring-2021-bullish-crypto-analyst/" rel="nofollow noopener" target="_blank">major bullish rally</a>.&nbsp; 
<h2 id="solana-gets-best-coin-status">Solana Gets Best Coin Status</h2> 
Solana, the fifth largest cryptocurrency by market capitalization has attained a new title as “one of the best coins.” A crypto analyst, identified as ‘Honey’ on X (formerly Twitter), made this positive statement and expressed <a href="https://www.newsbtc.com/news/solana/can-solana-hit-160-sols-resilience-sparks-rally-optimism/" rel="nofollow noopener" target="_blank">bullish optimism for SOL’s future outlook</a> in an X (formerly Twitter) on June 9. 
Sharing a price chart depicting <a href="https://bitcoinist.com/solana-bounces-back-after-failing-to-break-118/">Solana’s price</a> actions since the beginning of 2024, the analyst highlighted a series of sharp rallies the cryptocurrency has experienced over the past few months. The analyst has also based her bullish predictions for Solana on the possibility that the cryptocurrency maintains a level above the 1D 200-day Exponential Moving Average (1D&nbsp; EMA200). 
The EMA200 is a widely recognized technical indicator that traders use to identify long-term trends in a cryptocurrency. Staying above this unique trend line often indicates possibilities of bullishness, suggesting that SOL could be <a href="https://www.newsbtc.com/news/solana/solana-magnificent-autumn-rally/" rel="nofollow noopener" target="_blank">getting ready for a major upside</a>.&nbsp; 
Honey has also disclosed that once <a href="https://www.newsbtc.com/news/bitcoin/is-the-bitcoin-bottom-in-price/" rel="nofollow noopener" target="_blank">Bitcoin (BTC) reaches its bottom</a> and starts to recover, Solana will potentially witness a significant <a href="https://www.newsbtc.com/analysis/solana-eyes-150-rebound-sol/" rel="nofollow noopener" target="_blank">price rebound</a>. This implies that when Bitcoin hits its lowest point, it often influences the value and subsequent price action of various cryptocurrencies.&nbsp; 
Currently, <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stabilizes-55k/" rel="nofollow noopener" target="_blank">Bitcoin’s price</a> is on a major downward trend, trading below the $60,000 support level and <a href="https://www.newsbtc.com/news/bitcoin/if-history-repeats-bitcoin-price-crash-33-again/" rel="nofollow noopener" target="_blank">crashing</a> by more than 14.93% over the past month as selling pressures intensified. The cryptocurrency’s decline has had a major impact on the broader crypto market, causing popular altcoins like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-plummets-3150/" rel="nofollow noopener" target="_blank">Ethereum (ETH)</a> to follow its bearish trend.&nbsp; 
Against bearish market conditions, SOL has been one of the few cryptocurrencies performing well in the market recently. Although cryptocurrency has <a href="https://www.newsbtc.com/news/solana/solana-down-40-but-analyst-says-nows-the-time-to-buy-sol/" rel="nofollow noopener" target="_blank">experienced its own share of declines</a>, its price continues to steadily climb, fueled by <a href="https://www.newsbtc.com/news/solana/solana-sol-massive-870-premium/" rel="nofollow noopener" target="_blank">investors’ demand and interest</a> in the cryptocurrency.&nbsp; 
Moveover, after VanEck’s <a href="https://www.newsbtc.com/news/solana/sol-price-soars-as-first-ever-solana-etf-filing-surfaces-in-the-us/" rel="nofollow noopener" target="_blank">Solana Exchange Traded Fund (ETF) filing</a>, the cryptocurrency rallied sharply, rising above $150 at some point. At the time of writing, Solana is trading at $144.3, reflecting a 24-hour increase of 1.49%, according to CoinMarketCap.&nbsp; 
<h2 id="analyst-predicts-new-sol-price-target-at-200">Analyst Predicts New SOL Price Target At $200</h2> 
A crypto analyst and trader identified as ‘ToBTC’ on X has shared his optimistic stance on Solana, predicting a bullish surge to $200 this market cycle. The analyst <a href="https://x.com/_tobtc/status/1810918961481142499?s=46" rel="nofollow" target="_blank">revealed</a> that SOL’s price has been witnessing a major upside, triggered by the increase in investor excitement surrounding the potential approval of <a href="https://bitcoinist.com/cboe-initiates-regulatory-process-for-solana-etf/">Spot Solana ETFs</a> by the United States Securities and Exchange Commission (SEC).&nbsp; 
Underscoring SOL’s positive performance in the market lately, the crypto analyst also attributed his <a href="https://www.newsbtc.com/news/solana-price-marches-200/" rel="nofollow noopener" target="_blank">bullish $200 price target</a> for Solana to the rising on-chain activities within the Solana blockchain. ToBTC disclosed that the combination of increased on-chain activity and network engagement has fueled a 3% price surge for Solana. According to the analyst, this bullish development has positioned SOL to potentially surpass the $200 price target to reach new highs. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/eCEFL3Rj/" alt="Solana price chart from Tradingview.com" width="3286" height="1578">

Analyst Calls Solana ‘One Of The Best Coins Out There,’ Here’s Why

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Bitcoinist

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