Solana entices bulls with upcoming Saga launch, offers double-digit gains overnight

Solana, a smart contract network and a leading Ethereum competitor rallied over 10% since Monday. The altcoin has yielded double-digit gains since April 10 and experts are bullish on SOL’s price trend. 

Analysts have predicted a massive upswing in the Ethereum alternative. 

Also read: Ethereum holders de-risk as ETH price rallies to $1,900 ahead of Shapella upgrade

Solana price rally lures bulls and investors

Solana has a key release lined up this week. Solana Saga Mobile launch event on Thursday, April 13, holds significance for the SOL holder community. The hype and anticipation surrounding Solana’s launch event has likely fueled a bullish sentiment among holders. 

SOL price yielded upwards of 10% gains since Monday, April 11, making Solana one of the few altcoins that rallied alongside Bitcoin. Bitcoin’s recent run up to $30,000 may have shattered hopes for proponents of the “altcoin season” narrative. The same does not apply to Solana. 

Solana correlation with Bitcoin

The Ethereum alternative’s correlation with Bitcoin is 0.5, one of the strongest when compared to other altcoins. Solana could therefore continue rallying alongside Bitcoin in the presence of bullish catalysts for SOL.

SOL’s price gains are likely drivers of interest for bulls and traders within the crypto ecosystem. 

Solana Saga Mobile launch event

Solana’s Saga Mobile launch is slated to occur on April 13, 2023. This is a key milestone for SOL holders and there is anticipation surrounding the launch of the mobile since developers have promised users “web3 in their pockets.”

Solana’s Saga Mobile users expect to experience mobile-first dApps in the SOL ecosystem. With Solana price rallying in the week leading up to the launch, it is likely that the event turns out to be sell-the-news or non-event for SOL. This would imply SOL price may experience a pullback or a correction. 

Analysts set $40 target for Solana

The Ethereum competitor’s recent rally has turned analysts bullish. CryptoFaibik, a technical expert has set a $40 target for Solana price. As seen in the chart below, the analyst is bullish on SOL’s upside breakout from the descending parallel channel. 

Typically, an upper trendline break in a descending parallel channel is a bullish sign and implies further gains in the asset are likely. 

SOL/USDT 12H price chart

The analyst’s prediction is a 87.8% upswing from the upper trendline of the descending parallel channel. A pullback in the asset, that pushes SOL back within the descending channel, between $16 and $17, could invalidate the bullish thesis.