Solana (SOL) Records 3-Year High As Price Hits $220, Is $260 Next?

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As a seasoned crypto investor who witnessed the rise and fall of many digital coins, I must admit that Solana’s (SOL) performance this year has been nothing short of impressive. Having followed its journey since its inception, it is fascinating to see SOL reach a three-year high price, challenging levels not seen since November 2021.

As an analyst, I’ve observed a staggering 35% weekly growth in Solana (SOL), pushing it to a fresh year-high of $220. This surge has propelled the cryptocurrency above levels not seen since almost three years ago. With whales amassing SOL, some market observers are predicting that Solana could be on the verge of reaching even greater heights in the near future.

Solana Hits Three-Year High Price

Solana has been among the top altcoins that have performed exceptionally well during this bull market, experiencing a significant increase over the past year. Not long ago, it managed to surpass Binance Coin (BNB) as the fourth largest cryptocurrency by market capitalization after it reached close to $190 in price on Wednesday.

After surpassing the much-anticipated $200 mark, Solana has now achieved a market capitalization of over $100 billion, solidifying its position as one of the key players in this market cycle. Additionally, SOL’s leap beyond $200 marked a breakout from a 34-week accumulation phase where the token’s price fluctuated between approximately $210 and $110.

In simpler terms, SOL ended an impressive week by surging over 35.6%, reaching approximately $215. This is the fourth-highest weekly close the token has ever had. Furthermore, Solana reached a three-year peak price, coming close to prices last seen in November 2021.

SolanaFloor pointed out that the value of SOL has experienced a remarkable jump of 291% over the past year, with the cryptocurrency being priced at $56 on November 11, 2023. Additionally, the token has undergone an extraordinary 1350% growth compared to its price two years ago, which had dropped down to $10 following the collapse of FTX.

The current strong showing of Solana has sparked a positive outlook among investors and market observers, as it appears that major investors are gearing up for potential record highs in SOL. As per reports from on-chain data company Lookonchain, significant investors have been stockpiling the cryptocurrency.

The article underscores that a significant investor has been accumulating Solana (SOL) tokens since October 22. On Sunday alone, this investor – often referred to as a ‘whale’ – bought approximately 7,500 more SOL, which equates to around $1.57 million. This latest purchase brings the total amount of SOL held by the investor up to 257,599 tokens, valued at approximately $56.6 million as we speak.

SOL’s Pathway To $260

Based on Solana’s recent surge beyond its previous highs, some cryptocurrency experts predict that Solana could reach a fresh all-time peak. Notably, CryptoHornHair, a well-known market observer, posits that the token might soon enter a phase of price exploration similar to Bitcoin (BTC). Remarkably, Bitcoin is currently spearheading the crypto market’s bull run, recording an impressive 23% increase over the past week and setting a new ATH at $84,929 today.

As a researcher examining the Solana (SOL) market, I’ve observed that there appears to be no significant resistance level on SOL above $216 until new all-time highs (ATHs) are reached. Furthermore, my analysis aligns with Altcoin Sherpa’s observation that we’re approaching ATH territory for Solana, implying that the $260 target could be just around the corner.

In similar fashion, Rekt Capital noted that the token could potentially replicate its past performance by increasing towards $260 in the long run.

As a crypto investor, I’m closely watching Solana (SOL) and its significant weekly close, which could be a sign of things to come. The old resistance at $202, now retested, seems to have become a support level for SOL. This setup suggests that Solana might be gearing up for another push towards its all-time high (ATH) resistance levels. In fact, the last time we saw a weekly close similar to this one, Solana surged all the way up to $260. So, keep an eye on SOL and get ready for potential price movements!

At the time of writing, Solana is trading at $219.56, a 6% surge in the daily timeframe.

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2024-11-12 13:34