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Solana price at make or break point as analysts predict supply wall at $115

  • Solana price could recover from its downtrend as analysts identify a sell wall at $115. 
  • PUBG developer Krafton partnered with Solana labs to build blockchain games and services. 
  • The partnership with the South Korean gaming giant has fueled a bullish narrative among investors. 
Solana price at make or break point as analysts predict supply wall at $115
Ekta MouryaEkta MouryaFXStreet

Solana price is at a make or break point as the altcoin crossed $100. Solana’s new partnership with gaming giant Krafton is one of the factors fueling the altcoin’s price rally. 

Solana price could continue its uptrend before hitting a supply wall

Solana price posted nearly 12% gains over the past week. The altcoin has started an uptrend, posting double-digit gains and fueling a bullish narrative among investors. An analyst and YouTuber at InvestAnswers is bullish on Ethereum’s competitor Solana. 

The show’s host is bullish on Ethereum-killer Solana and believes that the altcoin is on track to overcome resistance and target $150. 

The analyst was quoted as saying:

If Ethereum runs to $4,000, I definitely see Solana going high and fast and far, but you never know what could happen [...] Solana could languish around $150.

Interestingly, there have been bullish developments in the Solana network. The South Korean gaming giant, Krafton has partnered with Solana to develop blockchain games. 

The company is renowned for its blockbuster video game PUBG, and Krafton has now ventured into blockchain gaming. The gaming giant is working on creating a play-to-earn (P2E) game as part of its Web3 offering. 

Solana and Krafton have entered a long-term cooperative relationship to develop and operate blockchain and NFT based games. 

Analysts have evaluated the Solana price trend and identified a supply wall at $115. FXStreet analysts argue that a close above $100, the midline of a linear regression channel, is bullish for the altcoin. Solana price could continue climbing higher until it hits the supply wall at $115. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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