Solana Faces Resistance at $150, Analysts Predict 500% Gain to $900

Solana is currently facing significant resistance, making it challenging to reach the $200 target. This difficulty is exacerbated by bearish market conditions and declining investor participation in online activities, causing the Solana price to struggle to stay above $150.

However, there are signs of a positive shift in market sentiment, which could lead to a quick rebound for Solana. Crypto analysts have predicted that the altcoin still has room to grow, with some suggesting that new all-time highs are possible.

Crypto analyst TradingShot has provided insights into why the Solana price has been turning bullish. They noted that the rebound at the beginning of April showed strength in the digital asset, as Solana bounced off the 1-Week MA200 at the start of the month. This bullish momentum continued throughout April, culminating in multiple weekly closes and a green weekly candle at the end of the month. This sets Solana on a path toward the next critical level, which lies at the 1-Week MA50 and follows the blue trend line at around $170.

This level is crucial for Solana's bullish run in May. If the SOL price can surpass it, it is expected to turn into support for the altcoin. Support at $170 would be bullish for the Solana price, serving as a possible bounce-off point toward $200 again.

The first step for Solana is to test and break the blue trend line at $170. If successful, the next big target is the $350 level, which is the higher high of the wedge. A clean break above $350 would set Solana on a clear path toward $900 as it sets higher highs. According to the analyst's forecast, given that the recent 3-month correction was -67.23%, identical to the last correction in May 2021 of the previous cycle, one final rally to the 2.0 Fibonacci extension at $900 is expected if the higher highs trend-line breaks.