💥💥💥 Solana ($SOL ) Ripe For Price Discovery, Analyst Eyes $600 Target
Solana (SOL) Shows Strong Performance, Poised for Potential ATH Rally
- Market observers have lauded Solana (SOL) for its impressive performance this month. As the fifth-largest cryptocurrency by market capitalization, SOL has demonstrated resilience despite market turbulence, recently reclaiming the $160 support level. Analysts suggest that SOL may soon embark on a rally towards a new all-time high (ATH).
Solana Breaks Out of Consolidation
- In August, Solana’s strength was tested during market retraces. Despite a drop of over 30% to $110 during the initial crash, SOL recovered and maintained a sideways movement between $140 and $155 until Saturday. Analysts noted that SOL was in a favorable position for accumulation while other assets experienced lower lows. They anticipated that a surge in Bitcoin ($BTC ) could trigger a move for Solana.
- Following a 10% rise in Bitcoin’s price to the $63,000-$64,000 range over the weekend, SOL experienced a positive price action, climbing 13.9% in just three days. SOL broke above the $155 resistance level on Saturday with an 8% surge, reaching $162 before a minor retrace. The token has continued to move within this new range.
Could SOL Rally to $600?
- Solana's bullish sentiment is driven by recent performance. Analyst Ali Martinez sees the $164 resistance as key; clearing it could lead to a 33% rise toward $220, a level not reached since late 2021.
- Similarly, Altcoin Sherpa identified $165 as a key resistance level. Sherpa advises patience for a break above this level, which could potentially push SOL towards $188 and $201. Despite the possibility of a pullback to previous ranges, Sherpa is confident that SOL will break its ATH in Q4.
- Crypto analyst Jelle noted that Solana (SOL) shows signs of potential growth, with a possible rally to a new ATH between $450 and $600. Currently at $168, SOL has risen 2% daily and 13.9% weekly.
Source - newsbtc.com
