As a seasoned crypto investor with a knack for spotting promising altcoins and navigating through market turbulence, I find myself intrigued by Solana’s recent surge and its potential future trajectory. Having weathered numerous bull and bear markets, I can attest to the unpredictable nature of this industry. However, the current bullish sentiments around Solana are hard to ignore.
One of the standout performers in the crypto world lately has been Solana, a well-known altcoin, which experienced a 8.22% increase over the past week, as per CoinMarketCap data. This impressive performance pushed Solana’s price up to $150, a level not seen since late August. There is generally optimistic sentiment surrounding Solana, the fifth-largest cryptocurrency. However, crypto analyst Ali Martinez has issued some words of caution for investors.
Solana’s Price Breakout Crucial To Avoid Slip To $85
On Sunday, Ali Martinez pointed out in a post that Solana could encounter significant price obstruction around the $154 price mark. However, he cautions that if Solana fails to break through this price point without being rejected, it could lead to a significant price drop.
In the world of cryptocurrency, it’s common for prices to be rejected at certain levels due to past evidence showing resistance at those specific points. Looking at Solana’s daily chart, the price range of approximately $154 has been a robust barrier of resistance, dating back to May. If a rejection takes place at this level, we might expect Solana to drop down to around $128 in an optimistic outlook.
The large amount of people selling altcoins might cause their price to drop to around $85, which would mean a decrease of about 44.1% from Solana’s current price. Conversely, if Solana manages to surpass $154, it could potentially reach a value of $190, where there is strong resistance. This increase in price would amount to approximately 23.37% in the asset’s current market worth.
Currently, Solana is being traded at $147.37, showing a 1.24% increase over the previous day. This uptick comes amidst a significant drop in trading volume activity, which has decreased by 58.13%. However, despite this downturn in the market and long periods of decline, Solana has proven to be one of the most resilient assets in the market. In the last seven days, it has seen a gain of 7.65%, while over the past thirty days, it has managed a 2.27% increase.
As we draw near to the last three months of 2024, Solana stands as a highly favored cryptocurrency for potential profits according to past price trends. This optimistic view is reinforced by a thriving meme market worth approximately $6.56 billion and ongoing advancements in its network infrastructure.
Solana To Soon Host cbBTC – Coinbase
As a crypto investor, I’m excited to share that American crypto exchange Coinbase has announced plans to connect their newly introduced wrapped Bitcoin asset, cbBTC, with the dynamic Solana network. This intriguing update was shared by Coinbase executive Hassan Ahmed during the Breakpoint conference, who highlighted the customer interest in the Solana network expressed by our community.
On September 12th, Coinbase introduced cbBTC, a fresh digital product that maintains a 1:1 correlation with Bitcoin stored within their reserves. This wrapped version of Bitcoin was initially released on both the Ethereum and Base networks, accessible to users in countries like the United Kingdom, Australia, Singapore, and the United States (excluding New York).
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2024-09-23 12:49