Bitcoin’s price cruising above $38,000 has been giving investors hope, recently getting even closer to the $40,000 target. This situation could convince investors that the bear season might have ended.
After dropping to as low as $8.5 in December 2022, Solana’s (SOL) price exhibited a steady rise with increasing demand, reaching its annual peak above $68. With Bitcoin’s resurgence, the price of SOL continues to hold above $60.
The Solana Foundation is set to hold an AMA session on November 29 to discuss content creator tools, the ecosystem, and future topics. The Solana community will also participate in an event at Art Basel Miami Beach. Such events could positively impact the price.
On the other hand, the Grayscale Solana Trust (GSOL) has risen back above $100 after hitting a low of $92.5. Increased demand for GSOL could support the price of SOL Coin as it has done before.
According to analyst Michael Kanhwald, SOL Coin could continue its steady rise after successfully reclaiming a significant horizontal support zone. The rising prices of Bitcoin and GSOL support this possibility. However, a close below $48 could open the path to a drop towards the $28 support level.