Prominent altcoin Solana was one of the major headliners recently, notching an 8.22% gain in the last seven days, according to data from CoinMarketCap. This positive performance saw Solana climb as high as $150, a price mark last seen in late August. The sentiments around the fifth-largest cryptocurrency are largely bullish, however crypto analyst Ali Martinez has released certain cautionary notes for investors.

Solana’s Price Breakout Crucial To Avoid Slip To $85

In an X post on Sunday, Ali Martinez noted that Solana is currently headed for major price resistance at the $154 price zone. The analyst warns the altcoin must not suffer a rejection at this price level to avoid a major price crash. 

In the crypto market, price rejections at certain price marks occur for various reasons including historical evidence of resistance at said price level. According to Solana’s daily chart, the $154 price zone presents a strong resistance level stretching as far back as May. If a rejection occurs at this level, Solana could likely fall to around $128 in a best-case scenario.

However, the presence of massive selling pressure could drive the altcoin’s price as low as $85, indicating a potential 44.1% decline from Solana’s current price. Alternatively, If Solana breaks past $154, it could attain a market price of $190, at which lies its next major resistance. Such price gain would represent a 23.37% increase in the asset’s present market valuation. 

At the time of writing, Solana continues to trade at $147.37 with a 1.24% gain on the last day, amid a 58.13% decline in trading volume activity. Also, the altcoin remains one of the market’s most resilient assets with 7.65% and 2.27% in the past seven and thirty days respectively despite long periods of market downturn.

As the final quarter of 2024 approaches, Solana remains one of the favorite coins for profitability based on historical price data. This bullish stance is further strengthened by a robust meme market valued at $6.56 billion and continuous network development.

 

Solana To Soon Host cbBTC – Coinbase

In other news, American crypto exchange Coinbase has unveiled a plan to integrate its newly launched wrapped Bitcoin asset- cbBTC – with the Solana network. This development was revealed by Coinbase executive Hassan Ahmed while speaking at the Breakpoint conference who cited interest in the Solana network from the exchange customers.

Coinbase launched cbBTC on September 12 as a new digital product pegged 1:1 ratio with Bitcoin held in the exchange reserves. The wrapped Bitcoin asset was initially launched on the Ethereum and Base network with availability to customers in the United Kingdom, Australia, Singapore, and the United States barring New York. 

Source: NewsBTC.com

The post Solana (SOL) Failure To Break $154 Could Lead To $85 Correction – Analyst appeared first on Crypto Breaking News.

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Filed under: News - @ September 22, 2024 8:00 am