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Solana rockets toward $25; What’s next for SOL price?

Solana rockets toward $25; What's next for SOL price?

As the cryptocurrency market continues to press on into the green zone, Solana (SOL) is no exception, pushing further and further toward the psychological price target of $25.50, from where, should the digital asset surpass it, there is a strong chance of continuing the bullish move, as some cryptocurrency experts have noted.

Specifically, as pseudonymous crypto market analyst Crypto Tony observed, Solana is fast approaching its next target at $25,50, and “we can then tick that off as the second target once hit,” according to the analysis he shared in an X post on October 2.

Solana price action analysis. Source: Crypto Tony

After Solana presumably surpasses this critical price target, the expert said he would “then be assessing whether the bulls can take it to the next level and hit those highs” (at around $30 from mid-July).

Is $100 possible?

Earlier, on October 1, Crypto Tony shared his quite enthusiastic price goal for Solana, which saw the seventh-largest digital asset by market capitalization reaching $100 “next week,” although some of his followers disagreed with such a prediction. 

However, as others have highlighted, such a price target for Solana is far from impossible, as, at its all-time high (ATH) on November 7, 2021, the digital asset was changing hands at nearly $260 – at the same time when Bitcoin (BTC) was trading above $60,000.

Solana price analysis

Meanwhile, the price of Solana at press time stood at $24.11, which represents a significant daily gain of 10.55%, in addition to increasing its value by 24.03% across the previous week and growing 23.33% on its monthly chart, according to the latest information retrieved on October 2.

Solana 7-day price chart. Source: Finbold

Indeed, with its recent pump, Solana has broken through the 200 exponential moving average (EMA), particularly important considering that the asset has recently gone through heavy shorting, and the upward move could be the effect of a short squeeze.

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