The post Is Solana To Break Out? Analyst Predicts New Highs Amid Market Turmoil! appeared first on Coinpedia Fintech News
Solana, the fifth-largest cryptocurrency by market cap has shown its resistance amidst the rising geopolitical tension. While other cryptos are struggling, analyst Crypto Jelle believes Solana’s steady performance hints at a major breakout ahead. Could Solana be ready to soar to new highs once the market stabilizes?
Solana Holds Strong Aim To Hit ATH
According to crypto analyst Jelle, Solana is slowly making its way towards higher levels, despite the market bleeding for months. While many other cryptocurrencies have experienced sharp losses in recent months, Solana has managed to hold its ground.
$SOL is looking more and more ready for the next leg higher.Never broke down from the consolidation despite the entire crypto market bleeding for months, and now slowly making its way towards the highs.Expecting new all-time highs before the year is out.Let's roll. pic.twitter.com/tPuwR4az83
— Jelle (@CryptoJelleNL) October 2, 2024
Even though Solana is currently down about 35% from its all-time high of $259, it has not broken down from its consolidation phase. Recently, SOL has been moving sideways after reaching the $205 mark. Currently, it is trading around $146, reflecting a nearly 7% drop in the past 24 hours. This recent dip is mainly due to rising global tensions, particularly in the Middle East, which have created uncertainty in the financial markets including the crypto space.
Despite this short-term setback, Jelle believes that Solana’s ability to maintain a steady path, even with the current market volatility, indicates that it could soon start a new upward move.
He predicts that if the market stabilizes and investor confidence returns, Solana could work its way back to its all-time high of $259 and possibly even surpass it before the end of the year.
Solana Price Analysis
Since the past few weeks, Solana has been under heavy selling pressure, especially in September, when the downward trend became more noticeable.
Right now, the major support level for Solana is holding at $137, a key zone that has been tested multiple times since mid-July. If this support level fails to hold, Solana could face additional downward pressure, with the next potential support zone around $130.
On the other hand, Solana faces resistance at $163.23, which has acted as a barrier since August. If buying interest increases and Solana breaks through this resistance, it could open the door for a potential rally toward $186.87. However, the market’s behavior in the coming days will be critical in determining Solana’s next move.
