Top Reason Why Solana (SOL) Price Is All Set To Hit New ATH in April

The post Top Reason Why Solana (SOL) Price Is All Set To Hit New ATH in April appeared first on Coinpedia Fintech News

The altcoin industry is gradually bullish after being trapped in a consolidation and correction mode for the past few weeks. Top altcoins – led by BNB, Dogecoin (DOGE), and Solana (SOL), among others – have already signaled a fresh bull leg ahead. With Bitcoin dominance showing an inevitable reversal in the near term, crypto cash rotation will favor the altcoin industry before the halving happens in mid-April.

Solana Out of the Woods

Earlier this month, Bloomberg first reported that Pantera Capital seeks to buy up to $250 million worth of Solana coins from the distressed FTX estate. With FTX’s former boss SBF sentenced to a 25-year prison term, the Solana ecosystem can catch a break from the bankruptcy proceedings. 

The tangible growth of the Solana web3 ecosystem, bolstered by the Saga mobile, has significantly increased the demand for SOL coins from institutional investors. As of this writing, the Solana network had about $4.6 billion in total value locked (TVL) and nearly $3 billion in stablecoins market cap.

SOL Price Target

After reaching a psychological resistance level of around $208 earlier this month, SOL price has been consolidating in a triangular pattern with a breakout on either side likely to happen in the coming days. From a technical standpoint, the SOL price is likely to print a stop hunt below $160 before continuing with the prior bullish trend.

According to a popular crypto analyst alias Captain Faibik, SOL price will likely reach a new ATH in April. Moreover, it is safe to assume that the SOL bulls are in control after rallying nearly 1000 percent in the past year.