As a seasoned researcher with a deep understanding of the crypto market, I have been closely monitoring Solana (SOL) and its recent price movements. The token’s impressive gains following the market-wide rebound have caught my attention, and I believe there is more room for growth based on several key factors.
Solana’s crypto token, SOL, has been soaring in the cryptocurrency market lately. After a market-wide bounce back, SOL recorded significant gains. Notably, crypto expert Rekt Capital anticipates that Solana is merely warming up, pointing to crucial price points to keep an eye on as Solana continues its upward trend.
Key Levels To Watch For Solana’s Price
In a recent post on the X platform, now known as Rekt Capital, emphasized two significant price points for Solana’s value: $180 and $202. The analyst posited that if Solana successfully retests the $180 mark as new support, it could potentially fuel a prolonged uptrend. In the short term, there’s a strong possibility for SOL to surpass $200 as it continues its upward trajectory. However, to achieve this, Solana must first breach the resistance at $202 and aim for new heights beyond its all-time high (ATH) of $260.
After experiencing a market-wide recovery, Solana’s price surged above $180 – reaching a three-month peak for the crypto token. Although it has since dipped below this level, regaining and holding above $180 will fortify this price range as a new foundation for potential upward momentum. As pointed out by Rekt Capital, the crypto token has already demonstrated solid support at $135 and $122.
According to Rekt Capital’s assessment, crypto analyst Ali Martinez’s forecast indicates that the price of Solana could surge dramatically, potentially reaching a peak of $1,000. Martinez identified early indicators of a breakout from a bullish pennant pattern, which suggests the possibility of an impressive 900% increase for Solana in the future.
Expert here: Crypto analyst Javon Marks has expressed optimism towards Solana’s future price movement, forecasting that the cryptocurrency token could reach $233 and subsequently climb up to $450. This prediction is derived from Solana’s bullish pattern, which was further reinforced by a recently identified hidden bullish divergence.
Marks shared his perspective, indicating that this price deviation could potentially push Solana’s value back up above $204 and ignite a 40% surge towards $233.8. He further expressed optimism, attributing this bullish trend to the breakdown of a significant resistance barrier. Moreover, Marks predicted that the bullish divergence may propel Solana’s price as high as $450.
Enough Reasons To Be Bullish On Solana
There are numerous justifications for being optimistic about Solana, given its prominence among the top cryptocurrencies during this bull market, alongside Bitcoin and Ethereum. The growing influence of Solana in the crypto sphere has fueled expectations that a Spot Solana Exchange-Traded Fund (ETF) will probably be authorized in the future.
The anticipated growth in Solana’s value seems to be influencing its price, as investment firms VanEck and 21Shares have applied to create Solana Spot ETFs. If approved and launched, these funds could lead to further significant price increases for SOL, similar to the effect that Spot Bitcoin ETFs have had on Bitcoin’s price.
The marked upward trend in Solana’s total value locked (TVL) is an encouraging sign for the crypto token’s bullish outlook. According to DeFiLama’s data, Solana’s TVL has seen a substantial increase since the beginning of the year and has consistently reached new peaks. Currently, the network boasts a TVL of $5.21 billion, making it the third largest among all chains.
Currently, Solana’s price hovers around $173 as per CoinMarketCap’s latest figures, representing a 1% decrease within the past 24 hours.
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2024-07-24 16:16