Solana Rallies 13% In 7 Days: 'Bullish As Long As $200 Holds,' Says Veteran Trader

Solana SOL/USD is gaining traction as a strong contender for the next major altcoin rally, with one crypto trader marking a critical level to watch.

What Happened: Crypto analyst DonAlt shared mixed views on Solana's recent breakout, describing it on X as "not the strongest" but noting that a breakout is still a positive sign.

DonAlt clarified his position, explaining that he would turn bearish if Solana's price dipped below $180, but remain bullish above $200.

He also pointed out the potential for significant gains, suggesting that this level could spark renewed excitement, as few resistance levels remain.

Despite optimism, DonAlt exercised caution, calling Solana "at least risk-defined," meaning that potential losses are foreseeable, making the trade attractive for risk-managed investors.

This implies that the potential losses are limited and known ahead of time, a factor that could make this trade attractive to some investors despite the uncertain breakout.

Meanwhile, crypto analyst Inmortal hinted at an imminent "god candle" rally for Solana, suggesting a major upward move on the horizon.

Solana god candle is so close i can smell it.$SOL pic.twitter.com/R8tyOnfcEA

— Inmortal (@inmortalcrypto) November 13, 2024

Also Read: Bitcoin To Peak Between $100K-150K, Solana To Top $600 This Cycle, Say Hedge Funds, VCs

Why It Matters: Global Macro Investor Raoul Pal, in an interview prior to the U.S. elections with crypto trader Kevin, emphasized his bullish outlook on Solana due to its strong community, user experience, and technical advantages.

He revealed that his portfolio strategy heavily weights Bitcoin, Ethereum and Solana, believing that these three will outperform over time.

Pal underscored that Solana's potential, backed by ongoing community support and technological developments, makes it a solid choice for long-term investors.

Price Action: At the time of writing, Solana is trading around $212, down 1% over the past 24 hours.

Read Next: 

• Coinbase Launches COIN50 Index To Track Top 50 Digital Assets, Includes Bitcoin, Ethereum, Dogecoin, Solana

Image: Shutterstock