Solana, the fifth-largest cryptocurrency by market cap has shown its resistance amidst the rising geopolitical tension. This unwavering strength has caught the attention of analysts, who are now predicting a potential breakout.
Crypto analyst Jelle believes that Solana’s steady performance is a strong indicator of a major upward move. Despite the broader market’s struggles, Solana has managed to maintain its ground, hinting at a bullish future.
Could Solana be the next big cryptocurrency to breakout? Read on to find out.
Steady Growth Amid Bleeding Market
According to analyst Jelle, Solana is gradually advancing toward higher levels, despite the broader market experiencing a downturn for months. While numerous cryptocurrencies have faced substantial losses recently, Solana has managed to maintain its footing.
$SOL is looking more and more ready for the next leg higher.
Never broke down from the consolidation despite the entire crypto market bleeding for months, and now slowly making its way towards the highs.
Expecting new all-time highs before the year is out.
Let’s roll. pic.twitter.com/tPuwR4az83
— Jelle (@CryptoJelleNL) October 2, 2024
Even though Solana is currently down about 35% from its all-time high of $259, it has not broken down from its consolidation phase. Recently, SOL has been moving sideways after reaching the $205 mark. Currently, it is trading around $146, reflecting a nearly 7% drop in the past 24 hours. This recent dip is mainly due to rising global tensions, particularly in the Middle East, which have created uncertainty in the financial markets including the crypto space.
Is There Any Hope Left?
Despite this short-term setback, Jelle believes that Solana’s ability to maintain a steady path, even with the current market volatility, indicates that it could soon start a new upward move.
He predicts that if the market stabilizes and investor confidence returns, Solana could work its way back to its all-time high of $259 and possibly even surpass it before the end of the year.
Solana Price Analysis
Since the past few weeks, Solana has been under heavy selling pressure, especially in September, when the downward trend became more noticeable.
Currently, a crucial support level for Solana stands at $137—a key zone that has been tested multiple times since mid-July. If this support level fails to hold, Solana may encounter further downward pressure, with the next potential support zone hovering around $130.
On the other hand, Solana faces resistance at $163.23, which has acted as a barrier since August. If buying interest increases and Solana breaks through this resistance, it could open the door for a potential rally toward $186.87. However, the market’s behavior in the coming days will be critical in determining Solana’s next move.
Are you, like several others, betting on SOL? Tell us your strategy!
We’d Love to Hear Your Thoughts on This Article!Was this writing helpful? » …
Read More
