Solana $260 Target Beckons As Price Nears All-Time Highs
August 17 2024 - 11:00AM
NEWSBTC
Recently, a significant amount of interest—both positive and
negative—has been placed on Solana. Experts are highly optimistic
about SOL, and crypto analyst Alan Santana once showed his doubt
over the token by stating that it might be due for a heavy fall.
Related Reading: Cosmos Price Analysis: Why This Analyst Says ATOM
Has ‘A Great Chart’ Divergent View On The Stability Of Solana
Solana has been impressive regarding the stability within this wild
market. A crypto expert named Jelle has echoed the same notion as
he referred to the wonderful chart of SOL and explained how this
digital asset could reach $260. His explanation showed that SOL was
easily creating higher lows compared to struggling giants such as
Bitcoin and Ethereum. This resiliency, considering a range-bound
movement just below its record high, suggests that SOL could be in
for a breakout. $SOL is still one of the better looking charts in
crypto. Sideways chop, just below all-time highs — no lower lows
despite #Bitcoin & $ETH struggling over the recent months as
well. Locked in, send this beyond $260. 📈
pic.twitter.com/AHtmKdfQWO — Jelle (@CryptoJelleNL) August 16, 2024
This stands in great contrast to what Santana expressed. His
analysis brought out a repetitive trend in the price history of
Solana. He gave examples of SOL having short-term surges in
price—two to three weeks—then sharp drops. This has happened
multiple times before, and now, as it seems Santana reckons such a
pattern is in the making again. Potential Downturn And Key Levels
He said it’s possible that SOL could return to its January 2024
trading range. According to him, most altcoins, including Ethereum,
are already returning to the baseline prices amid this year’s
market correction. He said Solana could do the same, thus making it
revisit its January lows, or even lower. ✴️ Solana RSI & MaCD,
Jan. 2024 Baseline &, 2-3 Weeks Bounce Then Drop! Let’s look at
these two indicators mentioned in the title but first let’s
consider a simple price dynamic; A two to three weeks bounce then
drop! This week is only starting, soon to be halfway through.…
pic.twitter.com/D7FezL117N — Alan Santana (@lamatrades1111) August
13, 2024 It is based on historical patterns and key price dynamics.
Essentially, Santana’s analysis states that despite the current SOL
stability and optimistic projections, there could be a major
pullback ahead. The possibility thereby adds some risk to investors
banking on SOL as a stable bet in the current market. The Debate
Over Solana’s Future These opposing views of Solana’s future
reflect a general uncertainty within the cryptocurrency market. If
Jelle is bullish about SOL, assuming a heavy price surge, Santana
stands on the other side with his bearish outlook, suggesting
caution. This contrast between the analyses symbolizes the greater
unpredictability of the crypto space. These competing opinions show
that Solana remains at the center of market volatility. Since the
market is poised for volatility, it will be interesting to see if
Solana breaks out for $260 or continues the fall. The ball is
rolling, and Solana’s next moves will determine its fate. Related
Reading: Despite A Stormy Market, Dogecoin Addresses Skyrocket To
Over 6 Million Investor Caution And Market Dynamics For the moment,
the debate on Solana price action does reflect broader uncertainty
in the cryptocurrency market. Investors and traders are required to
keep their guard up to balance the views that exist for both a
bullish and bearish view of the situation. As this situation
develops, Solana will be part of such performances that could see
its price going either way. Featured image from Pexels, chart from
TradingView
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024