SOL Set For ATH? Analyst Predicts It Will Happen This Year
The post SOL Set For ATH? Analyst Predicts It Will Happen This Year appeared on BitcoinEthereumNews.com.
Solana (SOL) is one of the strongest assets in the crypto market, currently navigating a consolidation phase following three weeks of aggressive volatility marked by significant ups and even more significant downs. Despite the recent turbulence, Solana’s resilience has kept it on the radar of both analysts and investors, who are closely monitoring its price action. As this period of consolidation unfolds, there is growing speculation about the potential for massive gains ahead. Some market experts are already predicting that Solana could surge toward its all-time high of $260 later this year, driven by its robust ecosystem and continued adoption. SOL Technical Analysis Top analyst and investor Jelle on X has recently shared a technical analysis chart that highlights a mid-cycle consolidation phase above the $130 mark. Jelle compares this phase to the consolidation period in 2021, which preceded an aggressive move up that took its price to new heights. The chart suggests that this current phase could similarly lead to significant gains, with the analyst setting a target of $260—Solana’s previous all-time high. Solana weekly technical analysis | Source: Jelle on X SOL/USDT 1W chart by TradingView Jelle’s analysis indicates that a test of this $260 level is likely, particularly if the price can break past the $209 yearly high. This level represents a key resistance point, and clearing it could signal the beginning of a new bullish trend. As Solana continues to consolidate, the price action in the coming days will be crucial in determining whether the asset can gain the momentum needed to push toward new highs. Investors and traders are closely watching these developments, anticipating a potential breakout that could drive the price back to its peak levels. Price Action And Key Levels Solana is currently trading at $158, positioned above its daily 200 moving average,…
Filed under: News - @ August 25, 2024 8:02 am