The post Solana may not hit $200 this cycle, even with bullish signs – Why? appeared on BitcoinEthereumNews.com.

SOL has claimed a victory over its rivals with a 10% weekly surge.  However, this doesn’t guarantee a break from consolidation. Solana [SOL] has surged nearly 10% this week, bringing it close to the critical $160 resistance level – one it has struggled to break, facing rejection four times in the past three months.  All eyes are now on SOL, as a decisive break above $160 could set the stage for a rally toward the coveted $200 benchmark.  The significance of $160 Source : Coinalyze Solana has been trading in a tight range of $110 to $160 since late July, after closing near $190. Despite Bitcoin’s two bull cycles during this period that pushed it past $66K, SOL has seen minimal capital influx. Yet, the bulls have shown resilience, preventing SOL from dropping to a new local low. Still, this determination may not be enough to spark an imminent breakout. To make a real move, SOL needs to break free from this consolidation by overcoming the $160 resistance.  The nearly 10% weekly gain adds to the optimism, especially since SOL has been outperforming many of the top altcoins. As a result, analysts at AMBCrypto are wondering: could investors be ready to shift capital from BTC to SOL? If that happens, we might just see Solana take off. Interest in SOL is brewing, but there’s a catch Built on the idea of being an “Ethereum killer,” Solana has developed a mechanism capable of achieving faster transactions, currently processing over 3,000 TPS. Additionally, after a sloppy end to the September cycle, marked by a dramatic drop in active wallet count from nearly half a million to 800,000 in just two weeks, October has seen a surge in liquidity.  During this time, active wallets reached an ATH. Source : SolScan Surprisingly, despite these milestones, SOL’s…

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Filed under: News - @ October 20, 2024 3:02 pm