Although Solana (SOL) has been taking the cue from the rest of the cryptocurrency market that has received a bullish push in the form of a favorable outcome in the court standoff between the United States Securities and Exchange Commission (SEC), it could rally even more, provided it flipped a critical level.
Specifically, pseudonymous cryptocurrency analyst Crypto Tony has observed that Solana needed to flip the supply zone level at $30.60 for continuation and for the bulls to “have their fun again,” as he explained in a chart pattern analysis tweeted on July 18.
Furthermore, according to the crypto analyst, “right now, we are just consolidating between the supply zone and the trend line support,” as the price of Solana currently stands at $26.33, which means it would need to gain about 16% in order to meet the above projections.
Solana price analysis
In the meantime, the current price of Solana represents a gain of 2.92% in the last 24 hours, as well as an advance of 19.69% across the previous seven days and a more significant 69.96% increase on its monthly chart, as per the most recent data retrieved by Finbold on July 19.
All things considered, Solana has a solid chance of reaching the above target, particularly as Finbold earlier reported on SOL defying the odds and making an extraordinary comeback after facing strong selling pressure following the SEC’s lawsuits against major crypto exchanges.
On top of that, the Solana blockchain has recorded a 99.72% uptime in the last nine months, which is particularly important as previous outages had cast doubt on Solana’s standing as a high-performance network designed to complete speed transactions.
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