- Solana’s price surges 18%, breaking prolonged 2023 downtrend.
- New Solana-based decentralized exchange sees $250 million in trading volume.
- Analysts predict potential rise towards $140 for SOL despite resistance.
This week, the price of Solana
SOL experienced an increase of up to 18% from the low $80 range after breaking free from the channel pattern that had been established since the peak in December. This upward movement came after launching a decentralized exchange on the Solana blockchain, which quickly saw trading volumes surpass $250 million.
As a consequence of the product release and positive technical indicators, Solana seems poised to confront the next levels of resistance, aiding in the recuperation from its harsh 60% decline.
Expert Predicts SOL to Reach $150 Milestone
Bluntz Capital, an analyst, indicates that SOL has reached the $150 level following the recovery of support that was compromised in the previous month’s downturn. This analyst notes that the recent retracement has been completely reversed, as SOL is now trading positively above the levels where it had previously faltered.
Additional specialists emphasize the recent market consolidation, suggesting that there is potential for a continued upward trend as purchasers re-enter the market with increased confidence. With SOL establishing a higher level of support near the $80 mark, the groundwork has been laid for a potential future ascent.
“It appears probable that we will keep moving towards $140,” stated a cryptocurrency chart analyst monitoring additional targets for price increases.
Nevertheless, SOL continues to be confined below its 50-day moving average, suggesting that sellers are present following 10 challenging months for those who have held the asset for an extended period. A daily close surpassing this fluctuating resistance level would confirm that the potential for continued upward movement exists.
As optimism resurfaces throughout cryptocurrency markets, technical momentum is building for Solana and other heavily impacted layer-1 protocols. The recent surge needs to demonstrate additional continuation to fully dispel concerns, yet it marks a promising beginning.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
