Solana (SOL) Ready to Break $100 if Bitcoin Rises to $72,000? Check out the Analysis!

Jakarta, Pintu News – The price of Solana (SOL) jumped sharply on February 25, rising 13% as bullish sentiment returned to the crypto market. The token broke above $89, which reinforced speculations about a possible run-up to $100.

According to some analysts, the continued strengthening will mainly be determined by Bitcoin’s ability to reclaim the crucial resistance level of $72,000.

More broadly, the cryptocurrency market rose by around 6% to a total valuation of $2.38 trillion. This recovery has been fueled by a resurgence of optimism regarding the direction of regulation in the United States as well as easing macroeconomic concerns.

Bitcoin Rebound Drives Altcoin Momentum

Bitcoin (BTC) prices are bouncing back after weeks of extreme fear and downward pressure to near $60,000. The largest crypto asset gained more than 3% and managed to break several short-term resistance zones.

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The price movement back above the psychological level of 67,000 also strengthens the expectations of forming bullish positions among traders.

Fund flows into spot Bitcoin ETFs traded in the United States also returned to positive territory, with net inflows totaling $258 million on February 24. Fidelity’s FBTC led the way, recording an additional $82.8 million in new funds, indicating institutional interest is recovering.

Market attention this week remains focused on the macroeconomic agenda. Earnings are scheduled for release on Wednesday, followed by jobless claims data on Thursday. After that, January Producer Price Index (PPI) statistics are released on Friday, and there are eleven speeches from Federal Reserve officials.

At the same time, traditional hedge assets have also rallied significantly so far this year. Gold is trading at around 5,200, while silver is above $90, with annual gains reported at 186%.

According to analysts, the next rally on Solana could potentially be triggered if Bitcoin’s strength holds steady above $72,000.

Is SOL able to maintain momentum & challenge the $100 level?

On February 25, SOL prices briefly rallied to $88.56, with a session peak of $89.19 and a low of $85.98. The four-hour chart shows the price moving up within an upward trend channel, after bouncing off the $78.00 support area.

In the price range of 80, the buying action was strong. Buyers stepped in decisively to resist further decline, so the short-term movement structure stabilized again.

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Technically, the nearest resistance is at $90.00, followed by the $95.00 area, and the psychological level of $100. If the uptrend is able to persist and SOL consistently trades above $90.00, the opportunity to reach $95.00 in the next few sessions is considered open. If the bullish push continues, Solana’s next outlook could potentially test the $100.00 barrier.

The MACD indicator signaled a positive signal through a bullish crossover, with a histogram of around 1.20 indicating stronger momentum. Meanwhile, the RSI stands at 72.84, signaling high buying interest, although it is nearing the overbought area above 70.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coingape. Will Solana Price Rally To $100 If Bitcoin Reclaims $72K? Accessed on February 26th