Market watchers have been lauding Solana (SOL) for its impressive price action throughout the month. As the fifth-largest cryptocurrency by market capitalization, Solana has showcased a robust performance even amidst market fluctuations, recently reclaiming the $160 support level. Analysts are suggesting that SOL might be on the cusp of repeating history and potentially rallying toward a new all-time high (ATH).
In August, Solana’s resilience was put to the test as the market experienced retraces. Several analysts have pinpointed SOL as one of the standout assets this month, highlighting its solid performance over the last three weeks. During the initial crash, SOL’s price plummeted over 30%, reaching a low of $110 before staging a recovery. A subsequent retrace a week later saw the token fall back to the $140 support level, where it remained in a sideways trading pattern within the $140-$155 range until Saturday.
Some market observers noted that Solana was in a prime position for accumulation as it remained in the same sideways range while the broader market experienced lower lows. They predicted that Solana would surge as soon as Bitcoin (BTC) gained momentum. Over the weekend, Bitcoin’s price increased by 10%, stabilizing between the $63,000-$64,000 range. In response, SOL experienced favorable price movement, soaring 13.9% over the last three days.
On Saturday, SOL broke past the $155 resistance level with an 8% surge, continuing its upward trajectory to reach $162 before slightly retracing. Throughout the weekend, the token traded within this new range.
Solana’s recent performance has ignited bullish sentiments among investors and experts. Some analysts believe that maintaining the current levels could trigger SOL’s next upward leg. Ali Martinez emphasized the significance of the $164 resistance level for Solana’s rally. According to Martinez, the token appears to be forming an “Adam & Even” pattern, suggesting a potential rise to $164. Clearing this resistance could lead to a 33% surge towards the $220 price range, levels not seen since late 2021.
Altcoin Sherpa also identified the $165 resistance as a critical level to monitor. Sherpa pointed out that SOL is trading at an intriguing level but advised investors to “be patient for a break of $165.” According to Sherpa, surpassing this level could propel the price towards the $188 and $201 resistance levels. However, a failed attempt might send the price back to the previous range. Regardless of the outcome, Sherpa believes that the cryptocurrency will “solidly” break its ATH price in the fourth quarter.
Crypto analyst Jelle observed that SOL appears increasingly ready for expansion, particularly against Ethereum (ETH). Jelle noted that Solana’s chart is primed for price discovery, drawing parallels to its performance three years ago. The token is “holding above the RSI midlevel, while chopping around the 25-week EMA,” similar to its behavior in 2021—an observation followed by a massive surge that drove SOL’s price to its ATH of $259.
Based on this analysis, Jelle posits that Solana is poised to rally towards a new ATH within the $450-$600 range in this cycle. As of now, SOL is trading at $160, reflecting a 2% daily increase and a 13.9% surge over the weekly timeframe.
, the fifth-largest cryptocurrency, shows resilience and bullish momentum, aiming for new highs. Trading at $160 after a strong weekend.){kind=link}