At $220, Solana (SOL) Hits 3-Year High; $300 Next?
Last week, Solana (SOL) closed at $220, up 35% from levels not seen in over three years. As bitcoin rises and whales stockpile, some market observers expect SOL to rise shortly.
Highest Solana Price in Three Years
Solana has surged dramatically in the last year, making it one of the finest cryptocurrencies during bull run. After approaching $190 last Wednesday, the cryptocurrency surpassed Binance Coin (BNB) as the fourth-largest crypto by market capitalization.
Since then, Solana has crossed the $200 barrier and hit $100 billion in market worth, solidifying its position as a cycle leader. SOL's breach over $200 marked a break from a 34-week accumulation zone between $210 and $110.
SOL completed its enormous week 35.6% over $215, its fourth-largest weekly closing ever. Solana traded at a three-year high, nearing November 2021 levels.
SOL rose 291% in a year, reaching $56 on November 11, 2023, according to SolanaFloor. The coin has also risen 1350% from its $10 price two years ago following FTX's bankruptcy.
Large investors seem to be ready for Solana's new highs, boosting investor and market optimism. Whales are hoarding bitcoin, according to Lookonchain.
An investor has acquired millions in SOL tokens since October 22, according to the article. The whale added 7,500 SOL, worth $1.57 million, on Sunday, bringing its total to 257,599 SOL, valued $56.6 million.
Some crypto experts predicted a new all-time high for Solana after its breakthrough. Analyst CryptoHornHair said that the token would soon enter price discovery phase like Bitcoin. BTC is leading the crypto market's climb, rising 23% weekly and reaching $84,929 today.
The expert said Solana had “no resistance to be found on SOL above $216 until new ATHs.” Altcoin Sherpa noticed that Solana is around ATH, signaling the $260 objective is imminent.
He believes SOL's “momentous weekly close” and retests of $202 resistance have set Solana up for a rally to ATH
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