Solana (SOL) Price Prediction: The Wider Altcoin Market, Led by Solana (SOL), Continued

The wider altcoin market, led by Solana (SOL), continued with horizontal consolidation akin to Bitcoin (BTC) on Thursday

The broader cryptocurrency market, led by Solana (SOL), continued with horizontal consolidation, similar to Bitcoin (BTC), during the early North American trading session on Thursday.

The increasing confidence in the Gold market, amid palpable fears of the U.S. stock market, has helped the broader crypto market gain significant bullish sentiment.

Solana (SOL) Receives Support from Robinhood and Coinbase

Solana network received support from Robinhood Markets Inc (NYSE:HOOD) and Coinbase (NASDAQ:COIN) to attract mainstream Solana users from DeFi projects, such as Raydium DEX.

On Thursday, Coinbase upgraded its Solana infrastructure for 5x faster block processing, 4x better RPC performance, and enhanced reliability.

Meanwhile, Robinhood announced zero-network fees for several Solana transactions until June 9, 2025.

Solana: Weighing Bullish Momentum

After recording an impressive rally over the past two years, largely driven by the mainstream adoption of memecoins, SOL price has significantly convinced more investors in its long-term growth prospects.

According to market data from Binance, over 71 percent of traders on the crypto exchange with open SOL positions are betting on an upcoming bullish breakout.

Solana Midterm Price Targets

In the weekly timeframe, Solana price has respected a rising logarithmic trend established since January 2023, thus indicating bullish sentiment. Importantly, SOL price, against the U.S. dollar, has consistently closed above $126 over the past two weeks, amid ongoing trade war negotiations.

In the four-hour timeframe, SOL price has already broken out of several falling logarithmic trends established by YTD.

In the 1-hour time frame, SOL price has been forming a potential bearish sentiment, marked by a major resistance level above $134 and a bearish divergence of the Relative Strength Index (RSI). Consequently, the SOL price may retest the support level at around $123 before continuing with bullish sentiment towards its all-time high.