Analyst: Solana (SOL) Could Be On the Brink of a Fresh Price Breakout

A popular crypto analyst and trader is giving a bullish prediction on the price of Solana (SOL), the ninth-largest cryptocurrency by market capitalization.

In a new video, the host of financial education YouTube channel, InvestAnswers, stated that Solana (SOL) could be on the brink of reclaiming the 3-digit price level, considering the strong bullish signal it currently flashes.

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The analyst noted:

“There’s a lot of strong bullish divergence visible in the chart here. If you look at the RSI (relative strength index) at the bottom, you can see the bullish divergence from the price action and that compression wedge that we see…

Solana’s price action appears to be creating not only this bullish divergence from the RSI within the same timeframe, but it’s only a matter of time that many believe we could get back to $120… This is a very, very positive chart giving a lot of optimistic outlook for the price action of Solana.”

At the time of writing, Solana (SOL) is trading at $91.12, with a relatively 4% price uptrend in the last 24 hours.

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Another Ethereum competitor on InvestAnswers’s radar is the smart contract platform, Avalanche, which he says is now at a point where bulls will possibly take control of the market.

“This one is seeing a similar type of a compression chart downwards action, but on the cusp of breaking out, and you can see that the price has been stuck in this descending triangle.

It has had a really impressive recovery since March 15th and in fact, it’s still within the broader descending triangle, but the suggestion is it might be a good breakout or could it be a bull trap.”

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