The post Can Solana (SOL) Recover and Surpass the $260 Mark? appeared on BitcoinEthereumNews.com.

Solana trades at $233, reflecting a loss of 8.91% over the past 24 hours.  SOL has witnessed a 24-hour liquidation of $24.68 million. As the cryptocurrency market anticipates for the upcoming altcoin season, several assets have shown price breakouts. At press time, the trading charts shows mixed trends, as Bitcoin (BTC) and Ethereum (ETH) is trading on the downside at $93.4K and $3.3K, respectively.  Turning to altcoins, Solana (SOL) hit a new all-time high (ATH) of $263.83 on November 23, by breaking multiple resistance levels. Analysts speculates a potential breakout following this surge toward $300. Notably, over the past 24 hours, Solana recorded a loss of over 8.91%, trading at $233. The asset has visited its intra-day low of $231.61. However, following this, the altcoin choose to trade on the downside.  Concurrently, Solana has witnessed a 24-hour liquidation of $24.68 million, as per Coinglass data. And the daily trading volume of the altcoin has reached $7.16 billion.  The weekly price chart of SOL has recorded a moderate loss of 4.16%. The altcoin began trading at $244.75. SOL price fluctuates between the $250 and $230 mark. On the other side, Solana has surpassed $100 billion in its decentralized exchange (DEX) volume, recording $109.8 billion in DEX trading volume. The surge comes with the gains of meme coins like PNUT, BONK and GOAT.  Downside Risks Emerge for Solana Solana’s four-hour price chart reports the downside correction. The price movements of the altcoin could retreat the price to the $227 mark. If the selling pressure intensifies, the SOL price might plummet steeper to the $200 range.  On the flip side, if the bullish momentum of the altcoin reestablished, it could rise toward the $236.84. With Solana maintaining its position at the upper trendline, it could potentially reach its higher target of $250. Moreover,…

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Filed under: News - @ November 26, 2024 3:26 pm