Altcoin Sherpa, a crypto expert, provided views on the possible price trajectory of Solana (SOL) through X.
His tweet highlighted Solana’s healthy exponential moving averages on the daily chart and market strength. While its long-term performance against Bitcoin (BTC) and Ethereum (ETH) remains uncertain, the analyst emphasized SOL’s strong momentum in its USDT pair.
Weekly Chart Reveals Solana’s Key Resistance at $260
The weekly timeframe places a spotlight on a major resistance level at $260, marked by historical price rejections during Solana’s 2021 bull run. This level has consistently served as a ceiling for upward movements, requiring substantial momentum to break through.
$SOL will go higher, EMAs look healthy on the 1D and the overall market itself looks strong. To be determined if its going to outperform btc and eth over long stretches but in its USDT pair, its strong pic.twitter.com/Qs8I1RwntS
— Altcoin Sherpa (@AltcoinSherpa) January 3, 2025
Despite this resistance, Solana has displayed a recovery since mid-2022. Increasing trading volumes reflect growing buyer interest, while the latest weekly candle closed at $212.63—up 12%—underscoring the bullish sentiment. Minor selling pressure near $215 has not deterred buyers, as reflected in the dominance of upward wicks.
SOL’s Daily EMA Indicators Signal Continued Strength
On the daily chart, Solana is trading above all key EMAs (25, 55, 100, and 200), a clear indication of a strong bullish trend. These EMAs are aligned in a favorable formation, with shorter-term averages positioned above longer-term ones, reinforcing the token’s upward trajectory.
Support levels include the 200 EMA at $177.23 and the 100 EMA at $195.37. These levels have consistently provided a safety net during pullbacks, ensuring the uptrend remains intact. Rising trading volumes further validate the strength of the market, signaling strong participation from buyers.
Read also: Cardano (ADA) Price Could Hit $12, Expert Predicts – Here’s Why
Breaking $260: A Gateway to Higher Targets
Both weekly and daily analyses identify $260 as a critical resistance level for Solana. The path for a rally toward $300 and higher could be cleared by a strong breakout. However, consistent buying pressure and upbeat market attitude are needed to reach this milestone.
According to CoinGecko data, Solana trades around $212.78 with a $4.5 billion daily trading volume. The token’s bullish momentum has been strengthened by gains of 11.77% over the previous week and 2.31% over the last day.
While its ability to outperform BTC and ETH in the long run remains uncertain, Solana’s immediate prospects in its USDT pair appear promising.
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