Solana price broke above key resistance levels over the weekend following Bitcoin’s explosive surge. At $211, SOL price has reclaimed its previous yearly highs and could potentially soar to new highs over the coming days. SOL price has decreased 1.5% in the last 24 hours to trade at $205.33 as of 00:35 a.m. EST.
Analyst Says ‘Blue Skies’ Ahead for Solana Price
SOL price could be eyeing new highs, as crypto analyst Corne Marchand noted. According to Marchand, Solana only has one big obstacle to overcome before soaring to new all-time highs. This obstacle is the $248 mark, which also happens to be Solana’s previous all-time high.
SOL briefly entered the $100 billion market cap league after touching $211, but has since retraced and sits around $99 billion. Marchand also said that after the SOL price breaks $248, it could easily soar to $360. His SOL expectations for this bull run is $900 to $1000 per SOL.
Can SOL Price Reach $1000 This Bull Run?
SOL has had a fruitful one year, mainly because of the meme coin mania. During that period Solana soared by 269% while most of the other crypto coins remained stagnant or dropped due to Bitcoin’s post-halving sell-off and other bearish market conditions.
The price of SOL has the potential of surging to $1000 and beyond as previous historical data shows such price surges have occurred. For instance, since SOL price hit a bottom in December 2022, the asset has increased by 810% (9.1X). During its first bull cycle in 2021, SOL increased by over 15,000% (160X).
A repeat performance would not only put Solana above $900 or $1,000, the asset could soar above $2,000. That said, these are long term targets and might occur toward the end of this last phase of the bull market.
Next Solana Price Targets Before $1,000
Solana price forecast shows the asset is likely to hit a few stops before soaring to $900 or $1000. The 3-day price chart shows SOL price aggressively broke out of the bull pennant on November 5 and surged to $211. However the asset has since hit a snag, showing some signs of rejection. Nevertheless, the market conditions are still bullish and buying pressure is still high, as the Average Directional Index (ADX) shows.
A reading of 18 shows volatility is still low, however, the ADX is rising, suggesting trading activity for Solana is ramping up. Combining that with the surging price, SOL could break out to an all-time high within the next few days.
Some of the key resistance levels to watch out for include the $211 yearly high, $263 and $330. The last two align with the 27% and 61.8% Fibonacci extension levels, which show potential areas of price rejection.
Data from Coingecko shows Solana trading volume over the last 24 hours soared by 136%, which suggests that the breakout was legitimate and there are high chances of SOL price surpassing the $211 resistance.
On the flip side, if the Solana price fails to break above $211, it would signal that the bears are gaining strength. SOL would drop back to the top of the bull pennant around $175 before bouncing back. Breaking back into the pennant would invalidate the current bullish thesis.
Frequently Asked Questions (FAQs)
The recent Solana price surge was driven by Bitcoin’s explosive rally, which lifted the broader crypto market.
After hitting $211, analysts expect Solana’s next targets to be $263 and $330.
Yes, it’s possible. Analyst Corne Marchand predicts Solana could reach $900 to $1,000 by the end of this bull run. Historical data shows similar surges, such as a 15,000% increase during its first bull cycle in 2021.
Related Articles
✓ Share:
Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
<p>The post After Surging To $211, Here’s The Next Targets first appeared on CoinBuzzFeed.</p>
