Solana (SOL) Price Recovered by 10% in a Day, Outpacing Bitcoin (BTC) and Ethereum (ETH)

Solana's price recovered dramatically just a day after the various economic markets experienced a bloodbath in terms of losses.

After suffering a bloodbath of losses on Monday, various crypto markets experienced a day of recovery on Tuesday, with Solana (SOL) emerging as one of the top gainers.

According to CoinMarketCap, SOL price was up by a double-digit percentage on Tuesday morning. At press time, the coin was trading at $153.56, up 10.09% over the past 24 hours.

Solana’s price recovery came as digital assets, and major stock indexes like the S&P 500 and Dow Jones Industrial Average, all rebounded on Tuesday morning following hefty losses over the weekend and early Monday.

Several analysts have attributed these latest market movements to markets becoming oversold and then undergoing a natural recovery. However, SOL outpaced popular assets like Bitcoin (BTC), Ethereum (ETH), and BNB (BNB) in terms of price performance, thanks to its massive price surge.

CoinMarketCap data shows that SOL witnessed a price increase of over 15%, whereas BTC, ETH, and BNB only saw price surges of 7%, 4.5%, and 7.5%, respectively, on Tuesday morning.

Solana’s price is up by 15% on Tuesday morning.

With SOL trading above the 200 Exponential Moving Average (EMA) and a recent breakout of a key resistance level of $145, the overall market momentum for the token seems bullish.

After this breakout, Solana is set to rally another 10% to reach $161. If investor interest and market sentiment remain positive, SOL could surge past its next resistance level of $185.

Most market participants have a price prediction for SOL at the end of 2024 and 2025 that shows targets of $252 and $380, respectively. However, investors are trading the token cautiously as some metrics show that Solana is due for a slight correction.

The price is then expected to correct slightly by the end of the year, which will likely serve as a buy-the-dip opportunity. If Solana’s price fails to find this bottom soon, it will put the entire long-term bullish structure at risk.

The scenario could see the price drop to less than $100. On the other hand, bullish momentum is likely to continue for the rest of the trading year.

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