Solana Gets Best Coin Status From Analyst Who Predicts New $200 Price Target

Solana, the fifth largest cryptocurrency by market capitalization has attained a new title as “one of the best coins.”

A crypto analyst has highlighted Solana (CRYPTO: SOL) as “one of the best coins,” pointing to the cryptocurrency’s previous price movements and potential for a major bullish rally.

What Happened: Solana, the fifth largest cryptocurrency by market capitalization, attained a new title on X (NYSE:X) (formerly Twitter). A crypto analyst, who goes by the name ‘Honey’ on X, made the positive statement and expressed bullish optimism for SOL’s future outlook in a X post on June 9.

Sharing a price chart that depicted Solana’s price actions since the beginning of 2024, the analyst highlighted a series of sharp rallies the cryptocurrency experienced over the past few months.

Solana’s price⬆️⬆️⬆️ and 1D 200-day EMA crossed, as long as 1D EMA200 is maintained, it should be fine. Once BTC bottoms out and starts to recover, it should go up again.

The analyst appeared to be basing her bullish predictions for Solana on the possibility of the cryptocurrency maintaining a level above the 1D 200-day Exponential Moving Average (1D EMA200).

The EMA200 is a widely recognized technical indicator that traders use to identify long-term trends in a cryptocurrency. Staying above this trend line often indicates possibilities of bullishness, suggesting that SOL could be getting ready for a major upside.

Honey also disclosed that once Bitcoin (CRYPTO: BTC) reaches its bottom and starts to recover, Solana will potentially witness a significant price rebound.

Solana Gets Best Coin Status

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 bullish optimism for SOL’s future outlook in an X (formerly Twitter) on June 9.

Sharing a price chart depicting Solana’s price 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 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 getting ready for a new major upside.

Honey has also disclosed that once Bitcoin (BTC) reaches its bottom and starts to recover, Solana will potentially witness a significant price rebound. This implies that when Bitcoin hits its lowest point, it often influences the value and subsequent price action of various cryptocurrencies.

Currently, Bitcoin’s price is on a major downward trend, trading below the $60,000 support level and crashing 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 Ethereum (CRYPTO: ETH) to follow its bearish trend.

Against bearish market conditions, SOL has been one of the few cryptocurrencies performing well in the market recently. Although cryptocurrency has experienced its own share of declines, its price continues to steadily climb, fueled by investors’ demand and interest in the cryptocurrency.

Moreover, after VanEck’s Solana Exchange Traded Fund (ETF) filing, 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.

Analyst Predicts New SOL Price Target At $200

A crypto analyst and trader, who goes by the name ‘ToBTC’ on X, shared his optimistic stance on Solana, predicting a bullish surge to $200 this market cycle.

According to the analyst, SOL’s price has been seeing a major upside, triggered by the increase in investor excitement surrounding the potential approval of Spot Solana ETFs by the United States Securities and Exchange Commission (SEC).

Underscoring SOL’s positive performance in the market lately, the crypto analyst also attributed his bullish $200 price target for Solana to the rising on-chain activities within the Solana blockchain.

ToBTC 披露，链上活动和网络参与度的增加共同推动了 Solana 的价格飙升 3%。据分析师称，这种看涨的发展使 SOL 有可能超越 200 美元的价格目标，达到新高。

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