Solana (SOL) Ripe For Price Discovery, Analyst Eyes $600 Target
August 26 2024 - 9:00PM
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Market watchers have praised the Solana (SOL) price action
throughout the month. The fifth-largest cryptocurrency by market
capitalization has displayed a strong performance despite the
market shakeouts, recently reclaiming the $160 support level.
Analysts suggest that SOL might repeat history and kickstart a
rally toward a new all-time high (ATH) soon. Related Reading: BONK
About To Enter 3rd Wave, Analyst Reveals Next Target Solana Breaks
Out Of Consolidation Range In August, Solana’s strength was tested
during the market retraces. Several analysts deemed SOL one of the
strongest assets this month, noting its performance in the last
three weeks. SOL’s price dropped over 30% during the first crash,
falling to $110 before recovering. A week later, the token saw
another retrace back to the $140 support level but maintained a
sideways move between the $140-$155 range until Saturday. Some
market watchers claimed the token was in a “great place” to
accumulate as it was “still in the same sideways range, while the
rest of the market made lower lows.” Moreover, they predicted that
Solana would take off as soon as Bitcoin (BTC) surged. Since then,
Bitcoin’s price has propelled 10%, hovering between the
$63,000-$64,000 range over the weekend. SOL has also seen a
favorable price action, soaring 13.9% in the last three days. SOL
broke above the $155 resistance level on Saturday after an 8%
surge. The cryptocurrency continued its ascendant trajectory,
reaching the $162 mark before retracing. Throughout the weekend,
the token continued to move within this new range. Is SOL About To
Rally To $600? Solana’s recent performance has sparked a bullish
sentiment among investors and experts. Some analysts have noted
that holding the current levels could kickstart SOL’s next leg up.
Ali Martinez recently shared that the $164 resistance level was key
for Solana’s rally. Per the analyst, the token has been shaping up
for an “Adam & Even” pattern, which suggests a potential rise
to $164. If the token were to clear that resistance, its price
could see a 33% surge toward the $220 price range, a level not seen
since late 2021. Similarly, Altcoin Sherpa set the $165 resistance
as a level to watch. Sherpa considers that SOL is moving within “an
interesting level” but suggests that investors “be patient for a
break of $165.” According to the post, a break above this level
could propel the price toward the $188 and $201 resistance levels.
Meanwhile, a failed attempt could send the price to the previous
range. However, Sherpa believes the cryptocurrency will “solidly”
break its ATH price in Q4, regardless of the outcome. Crypto
analyst Jelle stated that SOL is “looking more and more ready for
expansion, especially against ETH.” To Jelle, Solana’s chart looks
ripe for price discovery since it resembles SOL’s performance three
years ago. Related Reading: Crypto Analyst Sounds Alarm: Here’s Why
It’s Your ‘Last Chance To Buy Bitcoin’ Per the analyst, the token
is “holding above the RSI midlevel, while chopping around the
25-week EMA” like in 2021. This performance was followed by a
massive surge that drove the price to SOL’s ATH of $259. Based on
this, Jelle considers that Solana is ready to rally toward a new
ATH between the $450-$600 range this cycle. SOL is currently
trading at $160, a 2% and $13.9% surge in the daily and weekly
timeframes. Featured Image from Unsplash.com, Chart from
TradingView.com
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