Solana Breakout Looms – Will SOL Retake $100 Before Start Of February?
January 29 2024 - 2:40AM
NEWSBTC
Solana, the high-performance blockchain darling, spent today
grappling with the $100 mark. Having rallied to within spitting
distance earlier, the native token (SOL) retreated slightly but
held onto most recent gains, hovering primarily above $97. This
price point has emerged as a key battleground, analysts say, with
significant selling pressure poised at the century mark. Solana’s
2023 Surge And Challenges 2023 was a stellar year for Solana, a
stark contrast to its previous rollercoaster ride. Fuelled by
factors including network upgrades and booming DeFi projects, SOL
soared to a record high near $125 in December, clocking in a
staggering 1,100% gain since January. Related Reading: Shiba Inu On
Fire: Over 12 Million SHIB Vaporized – Impact On Price Despite
today’s hesitation, Solana’s performance continues to draw
admirers. “I see it as a potentially even better protocol than
Ethereum for major crypto uses,” declared Joe DiPasquale, CEO of
BitBull Capital, praising its speed, low fees, and increasing
popularity. SOL 24-hour and seven-day price action. Source:
Coingecko This sentiment echoes widespread confidence in Solana’s
technical prowess. Hosam Mahmoud, a research analyst at CCData,
highlights the growing number of active wallets and record
transaction volumes on the network as key drivers of investor
faith. “These metrics, along with consistent advancements, are
reinforcing bullish sentiment,” he explains. However, the climb to
$100 hasn’t been smooth. Armando Aguilar, an independent analyst,
points to persistent selling pressure around this level, noting its
“ongoing” rejection by the market. This raises questions about
whether Solana can break through resistance and sustain its
momentum. Solana currently trading at $97.29 on the daily chart:
TradingView.com Crypto Uncertainties: Bitcoin Consolidation, Solana
Strength The expansive realm of the cryptocurrency market is not
immune to uncertainties, and its dynamics are often shaped by the
performance of key players. Bitcoin, regarded as the bellwether of
the digital currency space, has recently displayed indications of
consolidation following a noteworthy rally. The future trajectory
of the top coin is of particular significance, as its movements
have the potential to exert a substantial impact on the overall
market sentiment, including that of Solana. Related Reading: Helium
(HNT) Heats Up: 21% Jump After Telefónica Deal Ignites Growth
Despite the near-term hurdles, Solana’s fundamentals remain strong
as it stands at a crossroads. While the $100 barrier presents a
challenge, the underlying strengths of its network and the bullish
whispers from analysts paint a promising picture. In the face of
extreme volatility of digital currency markets, some commentators
have voiced their optimism for the Solana network and its native
cryptocurrency. Portfolio Manager Brett Munster of Blockforce
Capital is one of these market watchers. He made notice of Solana’s
strong momentum as the year winds down. Whether Solana can conquer
its resistance and continue its ascent remains to be seen, but one
thing’s clear: the high-performance blockchain is far from fading
into the background. Featured image from Freepik, chart from
TradingView
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