Solana’s Bullish Resurgence: Heading Towards $100?

Solana, a layer 1 blockchain often seen as Ethereum’s main competitor, is making a significant comeback, aiming for the $100 mark.

Showing a Robust Recovery After a period of consolidation starting in May 2022 and lasting until mid-October 2023, Solana has defied skeptics and, except for a couple of minor declines, has been on a consistent upward trend since.

The initial breakout surged $SOL from a modest $20 to a peak of $68 within two months. Another jump followed, propelling $SOL to $78, which has recently been surpassed, reaching a new high of $78.50 at the time of this update. Observing the short-term hourly pattern, $SOL appears within a rising channel. While some resistance might arise as the price nears the top again, a potential breakout could signal a highly optimistic trend.

Reviewing the medium-term daily timeframe reveals a prolonged accumulation period for $SOL, spanning about a year. The notable breakthrough on November 1 triggered the ongoing robust surge in $SOL’s value.

Examining the long-term weekly timeframe highlights $SOL encountering substantial resistance. A breakthrough at this level could signal the next phase of $SOL’s price ascent. Further resistance levels to watch are at $94, $114, $136, $148, and $173, with the all-time high resting at $260.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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