Solana Sparks Debate With Market Surge & Impressive Recovery

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In the aftermath of the recent market surge, Solana (SOL) made a breezy recovery of a crucial support zone, stirring a heated debate amongst analytics. The emerging consensus is divided; some foresee an anticipated liftoff projecting Solana towards a new all-time high (ATH), while others prophesy a stark meltdown.

Solana charted an impressive comeback over the past week, retrieving the $160 support zone and soaring to levels unseen since the dawn of April. It dared to approach the $190 mark of resistance, but the attempt ended in futility. Instead, the token’s value fluctuated around the $180 to $170 belt before crawling back close to the $160 support comfort over the weekend.

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Notwithstanding its underachievement set against the backdrop of Bitcoin (BTC) and Ethereum (ETH), Solana managed an impressive new ATH in a key metric during the current economic cycle. In March, Solana’s market capitalization managed to eclipse its previous ATH, reaching a striking market cap of $93 billion.

The last week’s financial uptick propelled Solana skywards with a staggering 56% surge from its rate during the May 1 step back. This triggered a surge in its market cap that surpassed its 2021 ATH, showing semblances to the glorious days of March’s ATH. However, some crypto analysts harbor a grim prediction for Solana’s future, speculating the possibility of a meltdown.

Crypto aficionado, Bluntz shared insights from SOL’s macro chart, a video post. The analyst is of the opinion that “SOL is done, SOL is exhausted, and it’s probably time for ETH to catch up, which will probably be the last leg of the bull market.” His inference from the macro chart suggested that the token has possibly peaked. His chart depicted a five-part ascension to its cycle zenith of $210 in March. Even though the price ATH was not met due to inflation, the analysts underscored Solana’s market cap ATH as a pivot.

In addition, the crypto enthusiast pointed out a five-part regression since the March boom, succeeded by a three-part climb back up. He professed that Solana is on the verge of exhaustion and finding it hard to uphold the upswing. Concurring with Bluntz, the analyst postulated that Solana is likely to face a “macro lower high” and even ventured a bearing prediction of SOL’s price plummeting below the $100 milestone.

A similar note of caution was issued by pseudonym analyst Credible. He suggested that “coins like $SOL are just in larger distribution structures now.” Despite this, Credible implied that BTC’s endurance will serve as a relief to SOL and would “drag the whole market up.”

Although Bluntz’s prediction received backing from him, he pointed out the possibility for Solana to surpass the March mark “before the real meltdown.” This prediction is met with dissent from some crypto-analysts. DocXBT expressed disagreement with pessimistic speculation, asserting that he has encountered “a lot of dreadful Solana takes lately.” He extended the belief that the token is “holding daily trends” and evinces steady support and resistance levels.

Furthermore, he advised investors to resist overthinking unless “we lose daily trends” because the existing performance seems “supper clean.” In corroboration, CryptoJelle articulated that SOL is “forming the post-breakout higher low.” He extrapolated that Solana is displaying the same disposition it possessed during the February-March phase.

In conclusion, Jelle hints that we might have hit the token’s bottom and that it stands on the threshold of a new ATH. He boldly ventured a price prediction of $600 for SOL in this cycle. At the present moment, Solana is trading at $171.18, according to the three-day chart. These, of course, are speculations and predictions, leaving the market’s next move cloaked in a shroud of mystery.